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1
Blurtman
2015 Feb 2, 1:30pm
Right after the crash, when it was apparent that MBS' that were rated triple A were worthless in a few months of receiving the rating, Bernanke used Moody's and S&P to rate the crap that the Fed bought, and that were sequestered into illegal vehicles like Maiden Lane.
"From 1975 to 2006, the U.S. Securities and Exchange Commission (SEC) recognized the largest and most credible agencies as Nationally Recognized Statistical Rating Organizations,..." (Wiki).
So Moody's and S&P are no longer credible and should be stripped of their NRSRO designation.
The whole system is a fraud which special interests seek to continue for obvious reasons.
2
Patrick
2023 Mar 12, 8:13pm
Nothing ever seems to happen to Moody's no matter how compromised they are.
Patrick
2023 Mar 12, 8:13pm
Nothing ever seems to happen to Moody's no matter how compromised they are.
http://www.bloomberg.com/news/articles/2015-02-02/moody-s-falls-as-justice-department-said-to-persist-with-probe