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Wednesday, September 28, 2011

Fitch, Moody's and S & P: Look Who's behind the Rating Agencies...





 A quick look at who's behind the Big Three Ratings Agencies


The three rating agencies have done it again...

The same agencies who gave AAA ratings to the sub-prime mortgages and weren't 'able' to foresee the Lehman crash of 2008 and its disastrous consequences for the world economy...

Those same ratings agencies that downgraded most of the poor PIIGS and especially Greece...

In Greece's case, the downward spiral sparked by the downgrading of her sovereign debt and the lack of fast and decisive action to nip it in the bud by the leadership of both Greece and the EU has led to an unparalleled credit crisis in Europe with explosive consequences....

Well, these very same, theoretically independent agencies, who instead of being sidelined because strictly speaking they lost their credibility back then,  these agencies  have now put several of Europe's AAA countries on watch, and now we'll all have to sit back and watch the fireworks, hoping we won't be burned en masse by the flying debris...


Have they gone too far? We will soon know...

Update 5 February 2013: The USA has announced it will be suing one of these agencies, Standard and Poors, or S & P as itis known, over the Sub-Prime Mortgage Rates... Justice? Hopefully!

Read about the Ratings Agencies on Wikipedia

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