STANDARD & POORS, MOODY, FITCH AND OTHERS--DO NOT TRUST THE BOND RATING COMAPANIES.....THEY DID NOT WARN US ABOUT WALL STREET BANKERS,AIG, LEHMAN BROTHERS, BEAR STEARNS, FREEDIC MAC, FANNIE MAE, AND BERNIE MADOFF.
This is part of the United States Debt Crisis no one is discussing. There is sleaze which must be stated in the strongest terms and strongest language including unacceptable profanity. The real scoundrels are the so called Bonding agencies Moody, Fitch, and Standard & Poors, and many others who failed previously.
I lost all respect for all Bonding Agencies in 1989 when Massachusetts was dealing with a state budget crisis. State Representative Jack Flood, D-Canton, then chair of the Legislative Joint Committee on Taxation exposed the Bonding Agencies. Flood stated that Massachusetts was doing fine according to the Bonding Agencies while Governor Michael S. Dukakis was a candidate for the Office of President of the United States in 1988. Shortly after he was defeated the same bonding agencies announced the state was in a calamity. Those words and statement by the often times combative Flood laid the ground work for some of us who advocate accountability and oversight to step back and look at the process with mistrust unless duly verified all so called ratings by bonding Companies.
Next,we moved to the last days of the George W. Bush Administration years later circa 2008 and the Bank Bailout that then Senator Barack Obama went along to get along with the Republican and Democratic Senators and Representatives. These Bonding Companies did not warn anyone of all the phony numbers being reported in the greedy Financial Industry Campaign Contributors often misleading the Accountants, Auditors, and Government Agency overseers who relied on their so called rating numbers and misleading statements…..And then there was the Crown Jewel Symbol of this greed Bernie Madoff along with team members for all that was wrong AIG, Bear Stearns, and the rest of the Wall Street Greed Merchants.
Now we look at the Presidency and Congress who are all choked up because we have a so called crisis of losing a so called United States Government Bond Rating AAA from these so called Bond Rating Agencies? Please stop fooling and scaring the citizens and taxpayers the elderly, those in need, our veterans, honest businesses, and industries, and the so called foreign creditors. Past and present Republican and Democratic Presidents and Congress, you men and women caused this calamity, FIX IT ONCE AND FOR THE FUTURE.
As for all the illustrious Bonding Companies-DECONTAMINATE YOUR POLICES AND PROCEDURES WITH A GOOD MOUTHWASH BEFORE YOU SPEAK ALONG WITH A SANITIZED PEN WITH PROPER ETHICS WHEN YOU GIVE A RATING…….. THE TIME HAS COME FOR STANDARD AND POOR, MOODY, FITCH, AND THE OTHER RATING AGENCIES TO DEVELOP A NEW STRONG CODE OF ETHICS TO LEAD….. SO THE AMERICAN CITIZEN CAN TRUST YOU AND NOT LOATHE …THE CITIZENS MUST BEGIN TO TRUST YOUR FINDINGS AND YOUR JUDGEMMENTS...THE PEOPLE ON MAIN STREET DESERVE BETTER FOR ONCE AND NOT WALL STREET.