Comments on: Live Hearing on Credit Ratings Agencies (Moody’s, S&P, etc.)

By: bigbrother

bigbrother — Tue, 19 May 2009 20:26:25 +0000

.” The $596-trillion market in unregulated derivatives, including $58 trillion in credit-default swaps, was being watched by one person. That’s when he wasn’t looking at the rest of the corporate world, of course…
http://business.timesonline.co…..038;page=2

This four page article from business.times online has plenty of evidence from independeny audits of the fraud that brought down the global economy, reduced retirement accounts and home equity by 40%.

Dosido:
Enron implemented securitization in a mojor way that their competitors picked up and it became corporate culture policy cook the books to shift debt to show profits and reap giant bunuses for the executives.

Jane Hamsher
Obama’s election did not make any effective changes in the way biz is done…just put a happy face on it. The Hill elections are financed by the corporsate oligarch the investors are supporting.

By: SouthernDragon

SouthernDragon — Tue, 19 May 2009 20:26:18 +0000

I remember the old days of annual fees in order to get some kind of revenue from the card user who paid it off each month. Guess the pay-in-full-every-month folks won’t be thinkin’ it’s such a sterling deal any more. Is that the sound of air escaping the credit card bubble I hear?

By: dakine01

dakine01 — Tue, 19 May 2009 19:53:07 +0000

Hey, not to worry. They’re already making plans to screw the good customers

By: Elliott

Elliott — Tue, 19 May 2009 19:49:15 +0000

Bloodsuckers

(not speaking of which, I saw your kittehs, such cuties! Thanks for posting the pics.)

By: alank

alank — Tue, 19 May 2009 19:48:30 +0000

Like a baton or truncheon.

By: SouthernDragon

SouthernDragon — Tue, 19 May 2009 19:35:46 +0000

Senate OK’s Credit Bill

The banking industry decried the bill, saying it would exacerbate the credit crisis and force banks to drop some risky credit card holders.

Translation: Our revenue will drop like a stone because we won’t have anyone to collect our outrageous late fees and usurious interest from.

Boo fucking hoo.

By: foothillsmike

foothillsmike — Tue, 19 May 2009 19:22:08 +0000

Was Phil Gramm a bandleader or a tool?

By: alank

alank — Tue, 19 May 2009 19:15:22 +0000

The bandleader? Phil Gramm?

By: foothillsmike

foothillsmike — Tue, 19 May 2009 19:09:56 +0000

Aren’t those corporations supposed to be audited?

By: ekunin

ekunin — Tue, 19 May 2009 19:08:46 +0000

It’s the system. Everyone was in on the action. The appraisers whose opinion made things go. The lawyers who closed the deals. The mortgage brokers who made money only if things closed and the banks who made fees by selling Collateralized Debt Obligations. And it was difficult to turn stuff down.If your appraisals were low, another appraiser was available. Same true for the rating agencies. It doesn’t matter who pays them. They get paid when the deal flies so you can bet they will do what they can to make the deal fly. Then suddenly the music stopped. If you want to blame anyone, blame the bandleader.