What credibility can we give to S&P after they rated sub prime credt dflt swaps AAA?!

Discussion in 'Economy' started by 52ndStreet, Aug 8, 2011.

  1. 52ndStreet
    Offline

    52ndStreet VIP Member

    Joined:
    Jun 18, 2008
    Messages:
    2,883
    Thanks Received:
    147
    Trophy Points:
    83
    Ratings:
    +170
    I would think after Standard & Poors rated the recent sub prime mortgage derivative
    swaps as being AAA!, and then to have these same swaps be worthless,how can they now
    rate the United States government as being AA?!

    I would think many of these "Financial ratings" companies ,Moodys, and Standard & Poors
    ratings can not be taken seriously , after the recent sub prime mortgage derivative ratings fiasco.!!??

    If any thing the United States should have been downgraded a long time ago.!!?$
    But who can accept Moodys and Standard & Poors ratings as legitimate, after the Sub prime mortgage derivatives disaster!!??

    I am sorry but both companies have lost all credibility. And should be rating any countries , or anything as far as I am concerned.!!
    These ratings companies are one of the reason why the U.S. is in this economic mess.!!?
    Your opinions.
     
    Last edited: Aug 8, 2011
  2. waltky
    Offline

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,782
    Thanks Received:
    1,789
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,860
    Mortgage scandal goes back further to late `90's...
    :eusa_eh:
    Robo-signed mortgage docs date back to late 1990s
    Sep 1,`11 - Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.
    See also:

    US 'to sue a dozen banks over housing bubble mortgages'
    2 September 2011 - Goldman Sachs is expected to be one of the banks facing legal action
     
    Last edited: Sep 2, 2011

Share This Page