Seeking to shape our destiny and determine the future of our children, somewhere I read that Greek prime minister said this in a Government website about the Rating Agencies.
Now if I go back in past, If I am not wrong, S&P, Moody’s, Fitch all maintained at least their “A” ratings on Lehman Brothers and AIG, up until mid-September of 2008. What happened next ?
Lehman Brothers declared bankruptcy in 15th September 2008 and probably,
government provided first bail-out to AIG in 17th September, 2008. U.S.
Remember year 2007, when Sub-Prime market and related Mortgage market collapsed in
These rating agencies issued big ratings on those instruments which are later considered as Junk. Most of these Agencies have done same thing with Bear Stearns. What about Enron – rating agencies have waited months to say anything about it. U.S.
There are lots of individual evidences though I do not have much data. One of my friend from U.S. suggested me if I need more then what about – Wachovia Bank, Countrywide Financial, Washington Mutual ……………….
Now what happened to these rating agencies? Did anyone suspend them? Has anyone taken any action against these agencies to put this kind of famous grades on products those were junks ?
No, nothing has happened yet against them. Sometime I feel that they are getting some help form unknown phantom. One of my friends said me that they are working for some countries!
Believe me everyone just manifest that something needed to be done against them. If I am not wrong some statement came few weeks ago from
against these rating agencies. China
Talk-time is over, now it is the time of deliver. We need to downgrade these rating agencies for lifetime.
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