CNN: Wall Street rating agencies' corrupt system
"Let's hope we are all wealthy and retired by the time this house of cards falters."
This quote, taken from an e-mail sent by a Standard & Poor's official in 2006, says it all.
Just two years after it was written, the house of cards that S&P helped build collapsed and roiled the global economy. And while I welcome the news that the Justice Department has launched an investigation into S&P, I imagine it will conclude what a lot of us have long known: S&P made record profits by knowingly handing out sterling credit ratings to complete junk.
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© Al Franken - U.S. Senator, Minnesota, 2011. |
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