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Rating Agencies DID NOT Fail During The Credit Bubble & Subsequent Bust Of 2008-2009, Here's What They Did Do

Reggie Middleton's picture




 

 

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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Fri, 02/15/2013 - 13:49 | 3246976 sitenine
sitenine's picture

Thanks Regie. My day just wouldn't be complete without yet another self promoting post from one of my favorite narcissists.

Fri, 02/15/2013 - 13:41 | 3246936 TNTARG
TNTARG's picture

Of course.

Fri, 02/15/2013 - 13:29 | 3246892 shovelhead
shovelhead's picture

Modern Alchemy.

Turning shit into gold.

Fri, 02/15/2013 - 13:20 | 3246812 Savyindallas
Savyindallas's picture

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. 

Fri, 02/15/2013 - 13:11 | 3246800 lasvegaspersona
lasvegaspersona's picture

Reggie, loin cloth clothed, truth hunting spear man.

Fri, 02/15/2013 - 12:29 | 3246645 Whiner
Whiner's picture

Go Reggie! You are the man. Who blows first? I say Asia with Commie bookkeeping-hyper-growth and Japanese debt bomb.

Fri, 02/15/2013 - 12:27 | 3246636 Careless Whisper
Careless Whisper's picture

hypotheek obligaties bitches!

Fri, 02/15/2013 - 12:35 | 3246602 Bastiat
Bastiat's picture

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. 

Fri, 02/15/2013 - 12:16 | 3246586 thisandthat
thisandthat's picture

Boom! Busted! Blog it.

Do NOT follow this link or you will be banned from the site!