weeeeeeeeeeeee Can't do chit without the ratings giving their chit top self status............How novel it would be to rate things on their merits and actual worth.
all Street banks including Morgan Stanley and Deutsche Bank AG slammed Standard & Poor’s decision to suspend ratings on commercial-mortgage bonds after finding a flaw in the review process.
S&P withdrew rankings it had assigned to a $1.5 billion offering from Goldman Sachs Group Inc. (GS) and Citigroup Inc., forcing the banks to scuttle the deal after it was placed with investors. It then yanked ratings on Freddie Mac’s $1.19 billion deal that JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) sold earlier this month that has yet to be completed.
“The manner in which S&P took its action has severely eroded investor and issuer confidence in its ratings,” Morgan Stanley analysts led by Richard Parkus in New York wrote in a note yesterday, referring to the Goldman Sachs and Citigroup transaction. “Such an event is unprecedented within the CMBS market.”
S&P’s decision is impeding bank efforts to
http://www.bloomberg.com/news/2011-07-29/s-p-slammed-by-wall-street-banks-over-pulled-commercial-mortgage-rating.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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