Standard & Poor, Moody's and those lads

El Sorab

Do these credit rating agencies wield an unnatural amount of power?

One of them uttered a few words earlier today and has sent the stock markets crashing down. But at the end of the day they are just some private company not even the largest. Imagine the blackmail potential of the top guys working for those companies could approach a government and say "If you dont help me out here I'll **** up your credit rating".

The fact that people listen to these companies just perpetuates the fact that when people think things are going to get bad, they get bad as a result. Moody's wakes up in a bad Mood some morning and mayhem ensues yet if people stopped taking any notice of these companies the stock markets would continue to tick along happily since the only real power they have is their ability to spread FUD.

I prefer Johnson, Mooney and O'Briens.

J. Marston

Deleted User wrote: »

I prefer Johnson, Mooney and O'Briens.

Statler and Waldorf are better.

Guill

I like Fanny and Mae

Alter-Ego

Lets not forget Dave, Dee, Dozy, Beaky, Mick & Tich.

Gracelessly Tom

They are accountable under law for their ratings so they call it as it is. They don't change a nations status on a whim or because they are in a mood.

Didn't Moody's give Anglo bonds a AAA rating? Not to mention those subprime packages in the US.

They look out for the interests of the designers of the financial products, who pay the salaries of the raters, not the consumers.