Pretty poor, and all too standard

posted by
August 8, 2011
The American Prospect
by Robert Kuttner  
Posted in Commentary, PND Commentary

"In the financial crisis, the signature of the credit-rating companies has been that they are a day late and a dollar short. In this case, $2 trillion. S&P made a $2 trillion error in the computations that were the basis of its rationale for downgrading Treasury securities. But that was petty cash compared to what credit-rating companies cost the world economy when they corruptly took money from issuers of sub-prime bonds to help them come up with a formula to justify a triple-A rating." (08/08/11)  

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