When Bloomberg starts printing articles citing criminal activity as the defacto standard of banking protocol it’s time to pray to whatever God you pray to, because this has gotten simply un-f@&king believable:
Morgan Stanley Plans to Turn Downgraded Loan CDO Into AAA Bonds:
Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody’s Investors Service, according to marketing documents obtained by Bloomberg News. The bonds were created from Greywolf CLO I Ltd., a CDO arranged in January 2007 by Goldman Sachs Group Inc. and managed by Greywolf Capital Management LP, an investment firm based in Purchase, New York.
Two years after the credit markets began to seize up, costing the world’s biggest financial institutions $1.47 trillion in writedowns and losses, banks are again taking so- called structured finance securities and turning them into new debt investments with top credit ratings.
All indications are that our Federal Regulator’s, and our President’s, COMPLETE FAILURE to either prosecute, or regulate the Ratings Agencies and their egregious fraud is a CLEAR MESSAGE to Fitch, Moodys and the rest to PLEASE CONTINUE THE FRAUDULENT RATINGS that helped screw the world, cause fellas – IT’S ALL WE GOT!
When you put criminal idiots like Geithner and Summers in charge, their complete disregard for the rule of law is what got us here, and they can’t think of anything else but more of the same.
FORTUNATELY FOR AMERICA, THE PEOPLE READING THIS ARTICLE, AND MANY LIKE THEM, DO HAVE THE ABILITY TO THINK CRITICALLY AND ACT WISELY, AND THANK GOD THEY DO, FOR THEY ARE OUR LAST HOPE!
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.