XORCIST

Rating Agencies Target Guarantors to Deflect Subprime Blame

The rating agencies (should) have lost their credibility, while the bond guarantors have already paid the consequential price in enormous losses. It's time for a paradigm shift. Who can trust what Moody's says for longer than a week? The rating labels (e.g., Ab2, Bb3) sound absurdly archaic and the MCO name suggests capriciousness and despondency. The Silly Exchange Commission should initiate the transition away from institutionalized dependence on these charlatans. Otherwise, too many gullible "money managers" will get confused, not to mention the bond assurance equity holders. Less than 12 months ago Morningstar rated ABK and RDN 5 stars! Enough!