Lousy Rating Agencies To Make $1 Billion Rating Bailout Debt: "Remember the rating agencies? S&P? Moody's? The folks who rated all that subprime paper Triple-A?
Well, the Fed's baillout program is going to be issuing a lot of new asset-backed securities, which means the rating agencies are about to be busy again. In fact, the Wall Street Journal estimates that they'll make $1 billion of fees rating the paper produced in the latest bailout programs."
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I suppose this could cause a backlash, but if it does, maybe Obama can just dispatch the mobs to their houses, too.
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