martes, agosto 09, 2011

Standard and Poor's: Corrupt Wall Street Insiders

Up until the crash, “warnings about the massive problems in the mortgage industry” — including internal warnings from their own analysts — had been ignored because of the “the inherent conflict of interest arising from the system used to pay for credit ratings” — the big “rating agencies were paid by the Wall Street firms” that were making a fortune selling that glossed-up garbage to credulous investors.
By Joshua Holland
S&P's downgrade provides compelling evidence of the corruption eating away at the foundations of yet another key Wall Street institution.

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