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S&P: "Mea Culpa. Here's a cookie."
Summaries of the "causes of the crisis" usually devote a trenchant bullet point to the conflicted, procyclical role of the rating agencies in the whole mess. Like the SATs, everybody acknowledges the serious shortcomings of the agencies, but grudgingly accept the need for a common ruler to objectively measure disparate claims of quality. Look no further than the role of the agencies in determining eligibility of assets that are repo'able under TALF and PPPIP programs. In a magnanimous show of grace, S&P today highlighted the changes it's making to fix the whole thing:
"...the performance of our ratings in the area of residential mortgage-related securities was a major disappointment. This is something that we at S&P deeply regret. We have learned important lessons from this experience, and we have made changes to our business."
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I worked for another McGraw Hill entity for a while, and from the inside, you knew they weren't the sharpest tools in the shed. The conflict is the same as the conflict of sell side research. Who butters your bread is all that matters.
Terry McGraw looked like a genius until you realised he was an idiot's son. We all should have known better years ago. Wall Street is evil and S&P were just enablers.
And don,t know "who" you are, but I understand very clearly
Who you are made for and I desire to thank all of you for the real informations
good luck !
It's a rigged game
Over a year ago, I posted on Dealbreaker asking why
no one was going after the rating agencies role in the
whole mess. For that, I received the usual responses
calling me a fool, an idiot, and suggesting some very
unusual sexual practices. I'm glad to have found this
site - most of the people here seem to concentrate on
the issues and avoid the name-calling.
You are correct in your assessment. Name calling is reserved only for certain cheerleading hosts on CNBC - we leave the rah-rah stuff to them and keep the intelligent discussion here. Disagreements ususally lead to posters being more informed vs. insulted. Even the ZH writers fess up to corrections when necessary.
In Firefox (assuming that is what you are using) I find that if you have zoomed in to see larger words then you also get the image clipping effect (on menu try view, zoom, reset, to verify). Right click on the image and choose "view image" to see the graphic in a new window all by itself.
yup, same problem here
It looks like there is a learning curve for the
Hedge team.
If you click the link for Printer-friendly version
you will be able to view the complete content.
maybe it's only my browser but the article
is clipped by the crap in the 3d column.