Pigs at the Trough: Rating Agencies as Corrupt as Ever
by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
Pigs at the Trough
The big rating agencies are as corrupt as ever. But don’t blame them. That would be like blaming pigs for feeding at the trough.
Please consider the New York Times article Ratings Agencies Still Coming Up Short, Years After Crisis by Gretchen Morgenson.
The mistakes that led to the 2008 mortgage crisis can’t happen again, right?
Not so fast, particularly if you’re talking about credit ratings agencies like Moody’s Investors Service and Standard & Poor’s. Eight years after these companies were found to have put profits ahead of principle when they assigned high grades to low-quality debt securities, some of the same dubious practices continue to infect their operations.
Continue Reading at GlobalEconomicAnalysis.Blogspot.com…
Source: http://financialsurvivalnetwork.com/2016/01/pigs-at-the-trough-rating-agencies-as-corrupt-as-ever/?utm_source=rss&utm_medium=rss&utm_campaign=pigs-at-the-trough-rating-agencies-as-corrupt-as-ever
