They’re at it again

Standard & Poor is threatening to lower the credit rating for most of the countries in the “eurozone” because of the ongoing crisis in Europe. One of the two countries excluded from
S&P’s threatened action is Greece (it is already bad there. I guess even S&P realizes there’s not much it can do to Greece).

I’ve said it before and I will say it again: never forgot the role of the credit rating agencies during the events leading up to the financial crisis of 2008.

S&P, and its cohorts gave triple A rating to the CDOs that firms like Lehman Brothers sold to investors.

S&P – if you had done your job before the financial crisis of 2008, I would respect what you have to say about the “eurozone.” But since you didn’t do your job then, your opinion means nothing now!

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