Credit Rating Agencies Put Entire Financial System At Risk
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds. The top dogs of the big three credit rating companies made $80 million in compensation while their firms gave bogus high ratings to trillions in dubious mortgage-related investments which led to the world’s current financial crisis- and a hearing before bitter lawmakers on Capitol Hill Wednesday morning.
The top executives – Moody’s Corporation CEO Raymond W. McDaniel, Standard & Poor’s president Deven Sharma, and Fitch Ratings’ president and CEO Stephen Joynt – are expected to say the economic collapse was “unanticipated” and “unprecedented.”
But confidential documents obtained by Waxman’s investigators show that the firms’ executives anticipated much of what has happened, and were aware that their ratings were quite possibly shaky, according to the chairman.
The story of the credit rating agencies is a sad story of the complete collapse of corporate governance on Wall Street.” Said one prominent Congressman on the House Oversight and Government Reform Committee will tell the men when they appear before his committee this morning, according to a draft of his prepared comments. “The result is that our entire financial system is now at risk.”
“It could be structured by cows and we would rate it,” one Standard & Poor’s employee wrote in a company email cited by Waxman. “Let’s hope we are all wealthy and retired by the time this house of cards falters,” wrote another in an email obtained by Waxman’s committee.
As Moody’s CEO McDaniel explained in an October 2007 presentation obtained by Waxman’s staff, shaky ratings came because few of the players – investors, banks or the firms which issued the securities – truly want an accurate assessment of an investment, if it isn’t going to be good news.
“Ratings quality has surprisingly few friends,” he observed.
Federal Debt Relief System is a powerful tool on your side in the war against credit debt.
Before going to Federal Debt Relief System, I totally knew about the Federal Reserve not being a governmental agency but I didn’t realize it was owned by private banks. After doing the research on the Federal Debt Relief System website I found that it’s been run by the same 8 or so banker families for almost a century. They have actually been in control since 1913, when the Federal Reserve Act was fraudulently pushed through a mostly absent and vacationing Congress only 2 days before Christmas on December 23, 1913. Super shady I know.
The idea that such an important Act was even voted on during the holidays is absurd to me and quite honestly we’ve been feeling the repercussions ever since. Just look at the news and you will see that those same banking families are the ones buying everyone up. Pretty soon the name “Bank of America” may be appropriate for the last bank left standing. I don’t know about you but I don’t think that private banks have any business being in control of the world market and our financial futures!
Now is the time to educate and equip yourself with the necessary information to set yourself free of your own personal financial burden. Thanks for letting me know about Federal Debt Relief System I plan on telling everyone I know to go to http://www.fdrs.org today!
Stan C.