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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: russwinter who wrote (26602)3/30/2005 7:37:42 PM
From: patron_anejo_por_favor  Read Replies (1) of 116555
 
<<When General Motors Corp. tore up this year's financial projections on March 16, credit rating companies should have responded by instantly slashing the automaker's debt to junk. Their failure to pull the trigger is both puzzling and troubling.>>

It's not puzzling....if you understand that the rating agencies are a bunch of corrupt thugs bent on facilitating transfer of wealth into insiders pockets (and not troubling if you remain short the stocks of the compaines involved). Look at how they behaved during the Conseco, Enron and WorldCom fiascos, absolutely deplorable.
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