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Rating Agencies DID NOT Fail During The Credit Bubble & Subsequent Bust Of 2008-2009, Here's What They Did Do
In the video clip below, I explain that the rating agencies DID NOT fail to do their jobs during the credit bubble and subsequent bust of 2008-2009, nor did they fail in the ongoing pan-European sovereign debt crisis. They succeeded wildly because they served their actual constituency --- the banks!
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Thanks Regie. My day just wouldn't be complete without yet another self promoting post from one of my favorite narcissists.
Of course.
Modern Alchemy.
Turning shit into gold.
Is Reggie some Freak of nature - like Mozart maybe? Mozart died young -at 35. Was it the angel of Death or Salieri? Was Salieri from some well known Banking family?
How old are you Reggie? Be careful.
Reggie, loin cloth clothed, truth hunting spear man.
Go Reggie! You are the man. Who blows first? I say Asia with Commie bookkeeping-hyper-growth and Japanese debt bomb.
hypotheek obligaties bitches!
Yep. And it goes deeper. The whole securtization scheme was made possible by the ratings--and the ratings in many cases, on some of the worst crap, came from insurance written by MBIA, FGIC, AMBAC the muni bond insurers. We know the result: they were all destroyed by "diversifying" into insuring this toxic crap. Why do you suppose they got into that business? Just greed for the premiums or were they pressured? One story I heard by in 2008 was that they were pushed in by the rating agencies who said their business model was too "narrow" or something to that effect. One thing is certain: the bond insurers were key to a whole sector of the shit-for-shinola sub-prime securitization scam, as they supplied the AAA. From experience I can tell you that their analysts are not stupid either.
But this kind of business move doesn't come from analysts or from analysis -- it comes from the top where they play golf with the raters and banksters.
Boom! Busted! Blog it.