Author Topic: S&P Cuts Mid-America to BBB+  (Read 2189 times)

Parsad

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S&P Cuts Mid-America to BBB+
« on: March 27, 2009, 11:59:29 PM »
S&P cut Mid-American Energy to BBB+ from A-.  And the beat goes on!  Cheers!

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2DWp3iX15OU&refer=home
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oldye

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Re: S&P Cuts Mid-America to BBB+
« Reply #1 on: March 30, 2009, 01:08:22 PM »
S&P can Kish Mein Touchess   

in my opinion they have no right to rate anything, in many ways they have been complicit in committing what in essence is financial terrorism. 
They're guilty of treason, you know the last scene in fight club where all the financial institutions in the U.S are blown up...well these guys were the security gaurds
that watched them plant the bombs.  Their only job was to call the cops and sound the alarm but instead they took bribes and kept quite.

Now after all that, they're trying to weaken confidence in the strongest institutions that we have in this country.  These people are traitors and we should be mad as hell.   

value-is-what-you-get

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Re: S&P Cuts Mid-America to BBB+
« Reply #2 on: March 30, 2009, 02:51:39 PM »
S&P can Kish Mein Touchess   

in my opinion they have no right to rate anything, in many ways they have been complicit in committing what in essence is financial terrorism. 
They're guilty of treason, you know the last scene in fight club where all the financial institutions in the U.S are blown up...well these guys were the security gaurds
that watched them plant the bombs.  Their only job was to call the cops and sound the alarm but instead they took bribes and kept quite.

Now after all that, they're trying to weaken confidence in the strongest institutions that we have in this country.  These people are traitors and we should be mad as hell.   

Here, here!!

Now I distinctly remember Warren pointing the finger at the ratings agencies as being complicit - something to the effect of financial institutions would dangle the $600,000.00 fee the credit rating agency would collect and then make some slight changes (to the downside) on the bundled securities and ask "Is it still AAA?" and if they said yes they'd tweak a little worse and ask again.  This would erode and erode until they had junk with great ratings.  Then the next bundled group would start off with "Well we had AAA on that last batch so what if we start there and add just a dash of junk to it - is it still AAA? (great big fee dangling enticingly off to the side)

« Last Edit: March 31, 2009, 05:37:57 AM by value-is-what-you-get »