Sunday, August 07, 2011

Blaming the Surgeon for the Cancer He's Removing

Today's Must-Read is from the Daily Beast, Tina Brown's hard-hitting digital newspaper. And nobody deserves to be hit harder than Standard & Poors.

As Noni Prins's article explains, S&P was "factory-stamping" AAA bond ratings on all the garbage Wall Street could manufacture in the run up to the financial meltdown of 2007-2008, and pocketing enormous fees.

The U.S. debt problem right now, which S & P is deploring, is largely made up of S & P's toxic garbage that we taxpayers (and our government) had to clean up.

A bit like blaming the surgeon for the cancer he's been asked to remove. The U.S. government removed the cancerous investments S&P and Moody's fed into the U.S. economy.

Instead of S & P downgrading U.S. Treasury Bonds, the U.S. Justice Department ought to be putting S & P on trial for its massive fraud. But major financial players appear to have total immunity.

This would be outrageous satire if it were satire, but it's not. It's all true, and we're paying for it.

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