Working Life

A long time ago, I wrote about the bankruptcy of the ratings agencies, pointing out that S&P and Moody’s were a cog in a corrupt machine. The only startling fact in the saga about the ratings agencies is that anyone paid any attention to them anymore — the world of the chattering classes would shake every time one of these clowns issued some pronouncement about the economy, even as evidence mounted about their role. So, now, it appears at least S&P will face some judgement — though it is to be seen how harsh.

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    I am perplexed by the storm of criticism leveled at Standard & Poor’s. Don’t get me wrong–that S&P, or any of the ratings agencies, is even taken seriously is a monumental farce, given their role in the financial crisis.   But, we’re missing the point:   It is a mistake to solely blame the [...]

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