Given their well-known incorruptibility and infallibility, is it any wonder that ratings agencies would take exception to any suggestion that they might do wrong?
Well, that’s exactly what those outback yahoos in Australia seem to be implying. So Moody’s Investors Service and Standard & Poor’s are picking up (most of) their toys and going home, withdrawing their applications to offer corporate debt ratings. The lily-white ratings agencies object to a new rule, coming into force on Jan 1., that would turn over disputes between the all-knowing and their idiot retail investor clients to a financial ombudsman.
But that “would effectively be second-guessing S&P’s analysts,” S&P cries! “This would ultimately create investor confusion and harm financial markets.” And S&P has never done anything like that.
And how dare Australian Prime Minister Kevin Rudd accuse them of being “hopelessly conflicted by the lure of big profits in return for easy ratings.” Give us one piece of evidence, Mr. Rudd.
OK, two pieces of evidence. Three? Four?
Give us one more piece of evidence than you are able to provide, Australia. Then, and only then, will the great unspoiled ratings agencies consider allowing some ex-convict to tell them how to do their jobs.
S&P withdraws Aussie licence application [Sydney Morning Herald]
S&P Joins Moody’s to Scale Back Australia Ratings [DealBook]
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
AUSSIE AUSSIE AUSSIE!
AUSSIE AUSSIE AUSSIE!
The Angelic Bankers of Goldman, and the crackwhore bankers at other firms would never engage in ratings shopping, and bouncing structured deals from one Ratings Factory to another. Never!
Australia is entirely peopled with criminals, and criminals are used to having people not trust them, and that is why they don’t trust the rating agencies.
Hi Jon,
Where’d you get that picture of me from…can I borrow the negatives, I’d like to make some copies for my mom.
-Greg Michaels
That is one of my favowit positions.
Bawney Fwank
great headline
That headline is indeed a big improvement. Jon-Boy, here are a few other tips to keep us readers interested….drop in shit, piss, cunt, cocksucker, motherfucker or tits in addition to fuck once in a while.
Jon,
Excellent work. The heading is succinct, the picture priceless and you’ve sprinkled in nuggets such as “lily-white”.
Cheerio mate!
On another note, I’m surprised Amanda Drury has yet to weigh in on this post. Hope she’s okay.
AT 4- Back then Australia was full of criminals not now.
Australian living in the States.
“That’s not a knife. THIS is a knife.”
“That’s not a knife, that’s a spoon.”
“Ah, I see you’ve payed knifey-spooney before.”
@10,
“Back then Australia was full of criminals but now we’re all living in the States.”
-fify
Ratings like the vice presidency – worth a bucketfull of warm spit
Naehry a mintion of ligs er brists!?
-Amanda Drury Accent Fan
@1,2 Oi! Oi! Oi!