- 14 Apr 2011 at 11:47 AM
Senate Subcommittee Report Shows Ratings Agencies Willing To Be Defiled By Paying Customers, Able To Look In The Mirror By Pretending To Have Standards To Each OtherBy Bess Levin
Late last evening, Senator Carl Levin released a report of his investigation into the financial crisis entitled “Wall Street And The Financial Crisis: Anatomy Of A Financial Collapse.” The majority of the blame goes toward investment banks, particularly Goldman Sachs (described by Levin- no relation- as “a financial snake pit rife with greed, conflicts of interest, and wrongdoing”), as well as Deutsche Bank, whose former trader, Greg Lippmann (he of “I’m short your house” and sushi spreadsheet fame) gets a lot of airtime. Also criticized are the ratings agencies, who Levin says “weakened their standards as each compete to provide the most favorable rating to win business and greater market share.” To that end, the Senator from Michigan illustrates his point with a story about Standard & Poor’s and UBS.
Oh yeah, the analysts were pissed something fierce and they had a right mind to tell James to go fuck himself. Nobody pushes Standard & Poor’s around! Unless you’re paying in which case, do whatever you want to us and we’ll go along with it.
But just know that we will be having a conversation internally about how your attitude needs adjusting or else something will be done. Seriously. Take this threat seriously. We’re serious. Going to stop talking now so I can put this ball gag in my mouth like you asked but remember what we said.
- World's Greatest (Ex-) Banker Daughter Ties The Knot
- De Blasio To Dimon: F*ck You And F*ck Your Tax Breaks
- Opening Bell: 10.21.14
- New York Fed Was Told To Look Into London Whale Office In 2009, Decided To Take Long Lunch Instead
- John Paulson’s Solution To Shire Problem Probably Not Sitting Well With Bill Ackman
- Mathew Martoma Still Going To Jail
- Bonus Watch '14: Babies Born In The Next 7.5 Hours
- Bob Diamond's Daughter Releases Statement Re: Father's Firing
- Bar Mitzvah Boy Tim Sykes Resurfaces On Below Deck, Gives Crew Stock Tips
- In Its Heart, UBS Is The Descendent Of German Jews Whose Art Was Seized By Nazis
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com