S & P downgrade

August 9, 2011

The disastrous aftermath of the S & P downgrade leads me to believe there is widespread disregard in the financial community of the adage “consider the source.” This article – and a few of the books written following the 2008 Wall St. meltdown – show how S & P and the other rating agencies traded their objectivity for profits and disregarded the risk posed by the toxic mortgage securities they certified as investment grade. ¬†Yet another thing wrong with our economic system.