S&P President Stepping Down
Interesting. My guess they were kinda happy when S&P was giving out bogus credit ratings during mortgage scandal time and so forth. Tell the truth once and you get fired.
Remember, I do this to entertain me, not you.
Uncle Pays the Bills
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August 23rd, 2011 at 11:10 am
and as the seers at Zerohedge.com put it:
S&P’s feedback rating for username-UncleSam will soon be changed back to “Great service, AAA+++ rating, immediate payment, would do business again!!!”
****
Either that or S&P will debut their new, vaunted super-safe “AAAA” rating for gov’t bonds issued from a jurisdiction within which S&P executives can be charged with thought-crimes against the proletariat.
August 23rd, 2011 at 11:47 am
Meh, color me un-surprised — hell, I thought he would have met “unfortunate accident”. He’s lucky he’s still alive: they play hardball in Chicago politics, and Obama is one of the best at it.
August 23rd, 2011 at 12:55 pm
Interesting read:
As an economic system, fascism is socialism with a capitalist veneer. In its day (the 1920s and 1930s), fascism was seen as the happy medium between boom-and-bust-prone liberal capitalism, with its alleged class conflict, wasteful competition, and profit-oriented egoism, and revolutionary Marxism, with its violent and socially divisive persecution of the bourgeoisie. Fascism substituted the particularity of nationalism and racialism—“blood and soil”—for the internationalism of both classical liberalism and Marxism.
Where socialism sought totalitarian control of a society’s economic processes through direct state operation of the means of production, fascism sought that control indirectly, through domination of nominally private owners. Where socialism nationalized property explicitly, fascism did so implicitly, by requiring owners to use their property in the “national interest”—that is, as the autocratic authority conceived it.
http://www.econlib.org/library/Enc/Fascism.html
August 23rd, 2011 at 12:56 pm
It’s all going to implode, isn’t it?
August 23rd, 2011 at 1:49 pm
I especially like the part where he’s being replaced by the COO of CITICORP. Yeah, I’m sure that will work out fine.
Minutes until the US gets its triple “A” rating restored…..
August 23rd, 2011 at 5:40 pm
Uncle, you have said several times that, when contemplating hiring people, you would look up their credit ratings.
Guess what, you callow juvenile doodah!
Up until about 1980 or so there was no such thing as a credit rating, or score. Nonetheless, people got responsible jobs handling lots of money.
There are these things called bonds, you know.
Uncle, you really need to disconnect from the banksters.
August 23rd, 2011 at 11:35 pm
God this kinda stuff just makes my blood boil.This S.O.B. Im sure left there with a real heafty golden parachute.It just makes me sick these people get in these positions and really rase hell and screw things up and instead of makeing them face charges or something They get a multi million If not Billion dollar Retirement.
August 24th, 2011 at 12:06 am
It’s because S&P had a poor reputation and hired him in 2007 to turn it around and he’s failed at that because of the poor ratings they did for mortgages and their roll in the housing market fiasco.
Source: http://marketplace.publicradio.org/display/web/2011/08/23/pm-sp-deals-with-its-own-downgrade/
August 24th, 2011 at 2:42 pm
Interesting how none of the press reports (that I’ve seen, anyhow) mention that this SOB is also a member of the advisory board of the National Council of La Raza (http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=9965368&ticker=C:US&😉