They’re finally going after the crooks at Moody’s.

Wednesday, October 22nd, 2008 @ 3:04 pm | Uncategorized

Lost in all of the Limbaugh induced hysteria over CRA rules is the role the credit default market and rating agencies played in the current financial debacle. The mouth-breathers are reluctant to say anything that hasn’t been given the EIB seal of approval because they’re absolutely ignorant of how corporate finance works. Driven by their Republican theology they can only process lines of rationale that allow them to blame every perceived injustice on librulz. It’s nice to see that their leaders have some common sense:

Mark E. Souder, a Republican from Indiana, described their conduct as “gross incompetence.” Another lawmaker read from a series of instant messages, sent by employees of S&P, in which one analyst said they would rate a deal even if it were “structured by cows.”

In many cases, these ratings agencies assigned super-safe, triple-A ratings to structured products that later turned out to be extremely risky, and in some case, worthless.

I think we all know who is responsible for this. That’s right….BILL CLINTON!!

-mg

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