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.

Standard and Poor's: Just More Corrupt Wall Street Insiders Waging Class War on America | Economy

By Joshua Holland
www.alternet.org

S&P's downgrade provides compelling evidence of the corruption eating away at the foundations of yet another key Wall Street institution.