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Allan from Fallbrook.
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March 20, 2009 at 3:01 PM #371201March 20, 2009 at 3:14 PM #370603
Diego Mamani
ParticipantFrom the RS article:
“They [Wall Street investment bankers] then convinced ratings agencies like Moody’s and S&P to give that top tranche the highest AAA rating — meaning it has close to zero credit risk.”
I think convinced is too lenient a word to use. IMO there was something criminal or near criminal in granting AAA rating to subprime mortgage-backed securities. There’s no way someone can “convince” me that a pool of junk mortgages can have AAA associated with it, no matter how you dice it, or how much you polish it.
The big issue here is that it was Wall Street paying the three rating agencies for their rating. Conflict of interest! Or, as humans learned thousands of years ago, you don’t put the fox in charge of the henhouse.
The clowns at S&P, Moody’s, and Fitch, should be personally prosecuted in civil and criminal courts. They were the crucial chain link in the whole scheme.
March 20, 2009 at 3:14 PM #370889Diego Mamani
ParticipantFrom the RS article:
“They [Wall Street investment bankers] then convinced ratings agencies like Moody’s and S&P to give that top tranche the highest AAA rating — meaning it has close to zero credit risk.”
I think convinced is too lenient a word to use. IMO there was something criminal or near criminal in granting AAA rating to subprime mortgage-backed securities. There’s no way someone can “convince” me that a pool of junk mortgages can have AAA associated with it, no matter how you dice it, or how much you polish it.
The big issue here is that it was Wall Street paying the three rating agencies for their rating. Conflict of interest! Or, as humans learned thousands of years ago, you don’t put the fox in charge of the henhouse.
The clowns at S&P, Moody’s, and Fitch, should be personally prosecuted in civil and criminal courts. They were the crucial chain link in the whole scheme.
March 20, 2009 at 3:14 PM #371055Diego Mamani
ParticipantFrom the RS article:
“They [Wall Street investment bankers] then convinced ratings agencies like Moody’s and S&P to give that top tranche the highest AAA rating — meaning it has close to zero credit risk.”
I think convinced is too lenient a word to use. IMO there was something criminal or near criminal in granting AAA rating to subprime mortgage-backed securities. There’s no way someone can “convince” me that a pool of junk mortgages can have AAA associated with it, no matter how you dice it, or how much you polish it.
The big issue here is that it was Wall Street paying the three rating agencies for their rating. Conflict of interest! Or, as humans learned thousands of years ago, you don’t put the fox in charge of the henhouse.
The clowns at S&P, Moody’s, and Fitch, should be personally prosecuted in civil and criminal courts. They were the crucial chain link in the whole scheme.
March 20, 2009 at 3:14 PM #371099Diego Mamani
ParticipantFrom the RS article:
“They [Wall Street investment bankers] then convinced ratings agencies like Moody’s and S&P to give that top tranche the highest AAA rating — meaning it has close to zero credit risk.”
I think convinced is too lenient a word to use. IMO there was something criminal or near criminal in granting AAA rating to subprime mortgage-backed securities. There’s no way someone can “convince” me that a pool of junk mortgages can have AAA associated with it, no matter how you dice it, or how much you polish it.
The big issue here is that it was Wall Street paying the three rating agencies for their rating. Conflict of interest! Or, as humans learned thousands of years ago, you don’t put the fox in charge of the henhouse.
The clowns at S&P, Moody’s, and Fitch, should be personally prosecuted in civil and criminal courts. They were the crucial chain link in the whole scheme.
March 20, 2009 at 3:14 PM #371211Diego Mamani
ParticipantFrom the RS article:
“They [Wall Street investment bankers] then convinced ratings agencies like Moody’s and S&P to give that top tranche the highest AAA rating — meaning it has close to zero credit risk.”
I think convinced is too lenient a word to use. IMO there was something criminal or near criminal in granting AAA rating to subprime mortgage-backed securities. There’s no way someone can “convince” me that a pool of junk mortgages can have AAA associated with it, no matter how you dice it, or how much you polish it.
The big issue here is that it was Wall Street paying the three rating agencies for their rating. Conflict of interest! Or, as humans learned thousands of years ago, you don’t put the fox in charge of the henhouse.
The clowns at S&P, Moody’s, and Fitch, should be personally prosecuted in civil and criminal courts. They were the crucial chain link in the whole scheme.
March 20, 2009 at 3:51 PM #370633Djshakes
ParticipantThey better be scared!! AIG executives are nervous and scared for safety.
http://apnews.myway.com/article/20090320/D9720I901.html
I bet those cops wouldn’t patrol the area if they knew what these scum bags have done to the world economy. BURN THE HOUSES DOWN WITH THEM IN IT!
March 20, 2009 at 3:51 PM #370917Djshakes
ParticipantThey better be scared!! AIG executives are nervous and scared for safety.
http://apnews.myway.com/article/20090320/D9720I901.html
I bet those cops wouldn’t patrol the area if they knew what these scum bags have done to the world economy. BURN THE HOUSES DOWN WITH THEM IN IT!
March 20, 2009 at 3:51 PM #371085Djshakes
ParticipantThey better be scared!! AIG executives are nervous and scared for safety.
http://apnews.myway.com/article/20090320/D9720I901.html
I bet those cops wouldn’t patrol the area if they knew what these scum bags have done to the world economy. BURN THE HOUSES DOWN WITH THEM IN IT!
March 20, 2009 at 3:51 PM #371129Djshakes
ParticipantThey better be scared!! AIG executives are nervous and scared for safety.
http://apnews.myway.com/article/20090320/D9720I901.html
I bet those cops wouldn’t patrol the area if they knew what these scum bags have done to the world economy. BURN THE HOUSES DOWN WITH THEM IN IT!
March 20, 2009 at 3:51 PM #371241Djshakes
ParticipantThey better be scared!! AIG executives are nervous and scared for safety.
http://apnews.myway.com/article/20090320/D9720I901.html
I bet those cops wouldn’t patrol the area if they knew what these scum bags have done to the world economy. BURN THE HOUSES DOWN WITH THEM IN IT!
March 20, 2009 at 4:52 PM #370676jpinpb
Participant[quote=Djshakes] BURN THE HOUSES DOWN WITH THEM IN IT![/quote]
I like my idea better. Some kind of linching.
March 20, 2009 at 4:52 PM #370962jpinpb
Participant[quote=Djshakes] BURN THE HOUSES DOWN WITH THEM IN IT![/quote]
I like my idea better. Some kind of linching.
March 20, 2009 at 4:52 PM #371130jpinpb
Participant[quote=Djshakes] BURN THE HOUSES DOWN WITH THEM IN IT![/quote]
I like my idea better. Some kind of linching.
March 20, 2009 at 4:52 PM #371174jpinpb
Participant[quote=Djshakes] BURN THE HOUSES DOWN WITH THEM IN IT![/quote]
I like my idea better. Some kind of linching.
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