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Legg Mason's Bill Miller issues a scathing critique of S&P’s downgrade, calling it...

Legg Mason's Bill Miller issues a scathing critique of S&P’s downgrade, calling it “precipitous, wrong, and dangerous," and urging Congress to end the "oligopoly" of NRSROs "before they contribute to or ignite another financial crisis." This sentiment likely is another reason shares of McGraw-Hill (MHP -6.1%) and Moody's (MCO -6.4%) are sharply lower.
Comments (12)
  • Lint
    , contributor
    Comments (391) | Send Message
    How DARE S&P forget where Mr Miller's bread is buttered!
    8 Aug 2011, 11:39 AM Reply Like
  • Papaswamp
    , contributor
    Comments (2216) | Send Message
    Kill the messenger! US debt will reach $15 Tril by Dec.
    8 Aug 2011, 11:39 AM Reply Like
  • Yokyok
    , contributor
    Comments (330) | Send Message
    S&P should change it's name to Laurel&Hardy
    8 Aug 2011, 11:39 AM Reply Like
  • TheRenegade
    , contributor
    Comments (355) | Send Message
    Poor old ratings agencies... damned if they do... damned if they don't...
    8 Aug 2011, 11:45 AM Reply Like
  • phoneranger
    , contributor
    Comments (350) | Send Message
    and deservedly so. Damn them. Damn their eyes.
    8 Aug 2011, 11:50 AM Reply Like
  • SA Editor Stephen Alpher
    , contributor
    Comments (553) | Send Message
    Buy the dip Bill, buy the dip ...
    8 Aug 2011, 11:46 AM Reply Like
  • Ramzi
    , contributor
    Comments (20) | Send Message
    right kill the messenger ... S&P is doing its job finally. Maybe the US can print money and never default but the credibility of the financial system is at stake and therefore the downgrade is justified.
    8 Aug 2011, 11:50 AM Reply Like
  • buybuybear
    , contributor
    Comments (389) | Send Message
    I have yet to see a TRUE leader accepting the verdict and show some LEADERSHIP in dealing with this new reality.


    S&P bashing? seriously?
    8 Aug 2011, 11:50 AM Reply Like
  • BlackAustrianSwan
    , contributor
    Comments (11) | Send Message
    Several people blamed rating agencies for slapping "AAA" on useless housing and CMO securities in 2006-2008, saying they need to be reformed and be honest.


    Now S&P decided to speak truth and give a realistic rating on US government's creditworthy. Several people now saying S&P is evil and should not downgrade US government rating.


    People can not have both ways. How fast do people forget!
    8 Aug 2011, 11:54 AM Reply Like
  • 516909
    , contributor
    Comments (18) | Send Message
    Hey Bill! Don't quite your day job!
    8 Aug 2011, 11:55 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
    I would say S&P has screwed up...they are about 5 years to late.....and we really should be a BB now....its only because we are a reserve currency NOW...probably not in the future..and we have a printing press....that is all....
    8 Aug 2011, 12:06 PM Reply Like
  • tjohn1
    , contributor
    Comments (152) | Send Message
    Did Bill Miller lose money because of the degradation? It looks like he did. It seems recently this guy lost his magic touch. He is another self-serving guy like Warren Buffett. American capitalism at its best?
    8 Aug 2011, 12:31 PM Reply Like
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