Intradasting…

So Standard&Poor dropped the US credit rating to AA+, if you haven’t already heard.

What I find interesting is since that happened, they are now being investigated by a House committee. But, what I also find interesting, is they downgraded LA’s investment pool, so the city of LA drops them.

I remember reading a post on ARFCOM in the thread discussing the news article about the US credit being downgraded, and the poster basically said, any rating agency that drops the U.S. from AAA is going to be investigated and fined until they raise the U.S. ratings.

I mean sure, like millions of commentors and analyists have said, S&P rated several companies AAA that later folded, went bankrupt, or needed millions/billions of government bail out money. The problem I have is, why weren’t they investigated then? Like in the Yahoo! article above, Treasurer Ongele said the real estate problems came about from ratings companies like S&P. So why is the City of LA just now cutting ties after they were downgraded, and not back then? It seems like as long as they were on the AAA train, it was okay to look past their problems. But now that they aren’t on that train anymore, it’s time to dump them.

This is sounding more and more like a farce every day.

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One Response to “Intradasting…”

  1. It’s been a farce… but thankfully it just seems that more and more people are finally waking up to realize that.

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