Busted: Bankers and The Global Economy

October 22, 2008

Credit Rating Agencies Get Black Eye

Filed under: banking, economy, government, investment, money — Tags: , , , , , , , — digitaleconomy @ 8:55 pm
deceit, mismanagement and untrustworthy actions

deceit, mismanagement and untrustworthy actions

Credit Rating Agencies have taken a substantial black eye in Congressional hearings from their lack of sufficient oversight, inaction and public deceit. Fitch Ratings CEO Stephen Joynt described to Congress “the art of ratings,” firmly declaring ratings as nothing more than opinions. He also blithely declared the belief of industry that government assistance would be forthcoming in the event of a judgment failure due to mismanagement. That is pretty telling information, revealing the tip of the iceberg where the attitude of both Wall Street and ratings agencies are concerned. Audio summaries are below for your enjoyment.

Audio Summary Points:
Crisis Summary by Stephen Joynt, CEO of Fitch Ratings
Hearings: Mismanagement
Hearings: Trust

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