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Dripping With Irony

Dripping With Irony
Tonight's visual fun comes courtesy of Time Magazine.

From 1999, consider:
The Committee to Save the World

Three men who were wrong about almost everything at the helms of almost unlimited power posts. How did that work out?

And from 2010:
The New Sheriffs of Wall Street

Three women who are mostly right about things in positions with next to zero power to do anything.

Let me know how this works out.

On a related note, we have Ratings Agency Reform! Are you excited? You should be, if you like the old way of doing things:
Senate measure would lower boom on credit-rating agencies
WASHINGTON — The Senate took strong steps Thursday to fix a key cause of the recent financial crisis, approving measures to limit the ability of Wall Street firms to shop around for favorable ratings from now-discredited credit rating agencies.
Lawmakers approved two rating-agency amendments to a sweeping overhaul of financial regulation, despite objections from Senate Banking Committee Chairman Christopher Dodd , D- Conn.
Moody's Investors Service , Standard & Poor's and Fitch Ratings were all key players in the nation's financial meltdown, giving blue-chip ratings to complex mortgage-backed bonds that turned out to be junk.
A McClatchy investigation last October revealed how Moody's and its competitors sold out investors by trading their ratings for huge fees that came from rating complex deals.
Sen. Al Franken , D- Minn. , offered an amendment aimed at putting an end to this Wall Street behavior that passed on a bipartisan 64-35 vote.
"They shop around for their ratings. They select those agencies that tend to offer them the best ratings, and threaten to stay away from rating agencies that are too tough on them," Franken said.
Not bad! This sounds like they finally get a key part of the whole debacle. So what's the new deal?:
His amendment would instruct the Securities and Exchange Commission to create a credit-rating board, composed mostly of investors, that would assign rating agencies to rate asset-backed securities such as bonds backed by mortgages.
WTF????
And this is different how? No need to answer, the stocks of ratings agencies are moving up after hours. Nothing ever changes it seems. Remember I said we get what we deserve, and we do.


Disclosure: MCO