"Guys who can't get a job on Wall Street get a job at Moody's"

[marmar]

from the Working Life blog:




"Guys who can't get a job on Wall Street get a job at Moody's"

by Jonathan Tasini
Monday 11 of July, 2011


Every day, there is a new joke about the economy--though, the joke is a cruel one on most normal people and unfortunately, the transcribers of the news (nee "journalists") don't get the jokes largely because they are (a) really dumb and/or (b) don't really care and/or (c) are so wrapped up in being "serious" they don't get the joke. Today, the joke is about Moody's--and it says a lot about the incredible foolishness of the debate about the phony debt and deficit crisis.

If you are part of the Serious People, then, you kneel down and bow your head to this, via The Financial Times(for subscribers):

Moody’s Investors Service has said it could place America’s triple-A credit rating on review for downgrade by mid-July in the absence of a deal to increase the debt limit.

Ummm...to channel Paul Newman, who are these Moody's guys? Well, one answer is, as I pointed out last month: they are a fraud. It is not independent. It is a creature of Wall Street, and, in particular, the bond market. These were the same idiots that rated the sub-prime crap that was being shoveled into the economy as top-grade investments.

And, per Michael Lewis in "The Big Short", quoting a big shot from Goldman Sachs:

"Guys who can't get a job on Wall Street get a job at Moody's"

..............(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15229

[QC]

1. Moody's and S&P should have been thoroughly investigated

for their crucial role in the housing bubble / financial crisis, when they gave AAA ratings to big, stinking piles of suicide mortgages.

Without them, there would have been no bubble and no 2008 meltdown.

This is what we get for failing to air out the whole scandal and take action against those responsible.