PBS Finally Gives a 20/20 Hindsight View of the Standard & Poors Rating Scandel.

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As I’ve said before, it’s pretty difficult to make me speechless.

After watching the latest PBS NOW video detailing the insider shananigans of the three major credit rating agencies — Standard & Poors, Moody’s Corporation, and Fitch Ratings — I’m too pissed to really give a fully objective commentary.

I highly suggest you watch this 30 minute report!

These credit rating agencies were the gatekeepers of credit industry. They were the traffic cops so to speak.

Why didn’t they stand up and protect the folks who were using their “independent advice” as financial gospel?

Three words – Profit over Analytics.

Credit and Credibility part 1

Credit and Credibility part 2

Credit and Credibility part 3

You can also see the full video here at PBS NOW.

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Posted by Matt SF @ 21 November 2008 5 comments

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Nov 23, 2008
10:37 pm

#1 Justin @ FixThePig :

It’s truly amazing the level and amount of greed that ran ramped over the past 7 years of financial bliss.
Thanks for the post and I suggest watching as well. This is well worth a Stumble!

[Reply]

Nov 23, 2008
10:45 pm

#2 Matt :

@ Justin

Absolutely – I actually wasted an hour writing up a commentary but deleted it because it was so biased. I like to stay semi-neutral so everyone can make their own opinions but this one was very hard to watch.

I say we temporarily implement some type of cruel and unusual punishment to prevent such issues again… but maybe I’m a bit old school. Nothing horrible, but one that denotes shame and stupidity so these guys are never in such a powerful position again.

Thanks for commenting!

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