Thread: News Stories
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Old 2011-08-10, 06:00   Link #15614
ganbaru
books-eater youkai
 
 
Join Date: Dec 2007
Location: Betweem wisdom and insanity
Fury brewing at ratings agencies as markets gyrate
http://blogs.reuters.com/reuters-mon...-markets-tank/
Quote:
So let me get this straight.

Ratings agencies helped spark the financial meltdown of 2008-9, when they deemed that steaming piles of mortgage junk were brimming with triple-A goodness. They were wrong – and epically so.

Now S&P downgrades the debt of the entire country, further threatens to do so another notch, teams with fellow ratings agencies to bring Europe to its knees with each new appraisal and gets an assist for wiping trillions in wealth from investors’ portfolios in just a few days.

Anyone else think the ratings agencies need a time out?
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