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Business, Financial Services, Polictics

Moody’s hanky-panky

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The other day I managed to watch a screening of America has got talent.
Thoroughly enjoyed seeing seemingly normal people (and a good number of abnormal ones) make such fools of themselves. Priceless. :-).
The next morning, there was Lord Foulkes (Labour Cooperative) on BBC Parliament  debating with others in the House of Lords the EU (approval of treaty amendment decision) bill.
He spoke fluently about many things but what caught my attention  was a statement he made regarding credit ratings agency, Moody’s. He said something in the lines of …

Who owns Moody’s? Berkshire Hathaway, Capital World Investors,  etc. Yet, isn’t it incredible that an American based private company can rate not only other companies, but Countries aswell and is able to downgrade such ratings to the extent that such ratings can affect the amount of interest a Country pays when borrowing, when it is the case that the ratings company itself benefits from the very same degradation of ratings?

I couldn’t have summed it better myself. And while most of us are wondering what’s going on with the world’s financial system, very few have the time or inclination to look closely at what’s actually goin on; What the cause is, where the money of bailouts from tax payers has gone; who is playing dirty and why are they doing so?

If it were up to me, the next government inquiry in the UK (after the current Leveson inquiry) would look at credit rating agencies themselves. Lets assemble these rats together and squeeze the truth out of their dubious acts.  If you want to know why doing so is absolutely essential, then look no further than the following links:-

Anyhow, there’s at least one Moody’s out there that’s not on a mission to cause havoc; Where you can order Spicy octopus crostone, right here.



  1. Pingback: Getting away with it « Gnstr's blog - August 9, 2012

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