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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: GuinnessGuy who wrote (117159)	12/6/2008 5:08:43 PM
From: Knighty Tin	Read Replies (3) \| Respond to of 132070

I don't know the answer. I do know that the ratings agencies have become jokes and few people look at their ratings now. One problem with law suits is that these guys have very shallow pockets compared to the losses at hand. Also, I know they put a bunch of caveats in their ratings about what could change in the future to make ratings go up or down for the issue. Worldcom was also AA at one time. As was Ford Credit. I think Enron was also highly rated, but I'm not sure how high. Also, where were these guys in rating the muni bond insurers. As long as they just insured munis, they deserved their AAA rating. But once they started doing weird stuff, the raters should have been all over them for straying into areas they did not understand.