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S&P "Solution" Almost Worse Than Initial Problem

Having been on the leading edge of AAA-rated financial destruction, S&P is now turning up the intensity and cleaning the mess it made by proposing "solutions" that will make a bad situation even worse. As has been well documented, one of the main problems for S&P and the other rating agencies was a near blind faith reliance on their internal models to make rating decisions and being simply overmatched by their Wall St. counterparts. To combat this, S&P recently indicated that it intends to introduce a revolving door philosophy and rotate analysts through different assignments. So S&P believes that rating integrity will improve by creating a legion of temporary analysts to opine on the credit quality of complex products that its dedicated analysts got dead wrong for years. Bogus AAAs are clearly here to stay.