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U.S. Inquires About S&P Ratings

Danielle
Posts: 21,330
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8/18/2011 9:32:48 AM
Posted: 5 years ago
During the mortgage boom years, S&P, Moody's and other ratings agencies made a ton of money as they bestowed their highest ratings on bundles of troubled loans, which made the mortgages appear less risky and thus more valuable. They failed to anticipate the deterioration that would come in the housing market and devastate the financial system. Obviously their analysis was corrupted by their drive for profit. The current business model is riddled with conflicts of interest, and all of a sudden the government notices and pretends to give a sh!t.

http://www.nytimes.com...

Moral of the story: Downgrade America's credit, and we will come after you, bitch.
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TheBaldKnobbers
Posts: 92
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8/18/2011 9:35:37 AM
Posted: 5 years ago
lol i wondered why the probe happened now instead of 2 years ago when we knew what went down. They can rate shitt whatever they want as they are a private company. The "probe" is just a BS headline grabber. Anyone who knows anything about finance knows that S&P is a worthless company who was in bed with the i-bankers.
darkkermit
Posts: 11,204
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8/18/2011 10:47:12 AM
Posted: 5 years ago
At 8/18/2011 9:32:48 AM, Danielle wrote:
During the mortgage boom years, S&P, Moody's and other ratings agencies made a ton of money as they bestowed their highest ratings on bundles of troubled loans, which made the mortgages appear less risky and thus more valuable. They failed to anticipate the deterioration that would come in the housing market and devastate the financial system. Obviously their analysis was corrupted by their drive for profit. The current business model is riddled with conflicts of interest, and all of a sudden the government notices and pretends to give a sh!t.

http://www.nytimes.com...

Moral of the story: Downgrade America's credit, and we will come after you, bitch.

Pretty much this. Hell, If e government wasn't the one who gave them their license, then S&P would have given the US a much lower rating.

And the rating is a cartel created via government and heavily regulated. It is no way free market based and 'evilz driven by profit'.
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randolph7
Posts: 307
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8/18/2011 11:26:45 AM
Posted: 5 years ago
At 8/18/2011 9:35:37 AM, TheBaldKnobbers wrote:
lol i wondered why the probe happened now instead of 2 years ago when we knew what went down. They can rate shitt whatever they want as they are a private company. The "probe" is just a BS headline grabber. Anyone who knows anything about finance knows that S&P is a worthless company who was in bed with the i-bankers.

I heard on the news that the investigation started before they downgraded the US rating. How long before? I don't know they didn't say.
"ahh but i have indeed found the burdon of truth the, muffs have found it. oh mothy dear dear mothy"
Wnope
Posts: 6,924
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8/18/2011 8:17:37 PM
Posted: 5 years ago
At 8/18/2011 9:32:48 AM, Danielle wrote:
During the mortgage boom years, S&P, Moody's and other ratings agencies made a ton of money as they bestowed their highest ratings on bundles of troubled loans, which made the mortgages appear less risky and thus more valuable. They failed to anticipate the deterioration that would come in the housing market and devastate the financial system. Obviously their analysis was corrupted by their drive for profit. The current business model is riddled with conflicts of interest, and all of a sudden the government notices and pretends to give a sh!t.

http://www.nytimes.com...

Moral of the story: Downgrade America's credit, and we will come after you, bitch.

Yeah, this is just bitterness.