Working Life

One of the great myths that created the seeds of the financial crisis was that the ratings agencies–Standard and Poor and Moody’s–where “independent”. What a crock–the ratings agencies gave positive ratings to the crummy debt securities that were at the heart of what led to millions of people losing their jobs and they have been the water boys for the financial elite who peddled this crap. Now, we have a conviction of S&P: Guilty in a court of law.

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Among the myths promoted by the traditional press–myths that hurt the entire country–is the “independence” of the ratings agencies. And that myth was one of the underpinnings of the financial crisis–the ratings agencies gave positive ratings to the crummy debt securities that were at the heart of what led to millions of people losing their […]

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