Here is the final bit explaining the complete corruption of the financial sector; it deals with the debasing of the the rating agencies. It is blatantly obvious from many sources that the Obama Administration Justice Department has failed to serve the public interest. We are five years past the 2008 meltdown, and it cannot be denied that no real effort has been made at the Federal level to hold these corporations, or the men and w! omen who control them, accountable. Thus, I do not see how it is going to be possible to avoid another meltdown. The system is simply too corrupt, I think it is going to implode again because of its unregulated greed.
The Last Mystery of the Financial Crisis
MATT TAIBBI – Rolling Stone
Everything Is Rigged: The Biggest Price-Fixing Scandal Ever
Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, documents that for the most part have never been seen by the general public, we now know that the nation’s two top ratings companies, Moody’s and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash.
In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked.
“Lord help our fucking scam . . . this has to be the stupidest place I have worked at,” writes one Standard & Poor’s executive. “As you know, I had difficulties explaining ‘HOW’ we got to those numbers since there is no science behind it,” confesses a high-ranking S&P analyst. “If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value,” complains another senior S&P man. “Let’s hope we are all wealthy and retired by the time this house of card[s] falters,” ruminates one more.