2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf

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[MarmaladeINFP]

The economic terrorism we've experienced is worse than if a thousand attacks like 9/11 had happened. The Islamic terrorists at worst can just take down some big buildings and killing the lives of a few thousand. The economic terrorists can take down our entire economy and destroy the lives of millions. When are we going to send out Seal Team 6 to take out the economic terrorists?

[Ralphdraw3]

@MarmaladeINFP I agree - but no one is paying attention. These three credit rating agencies were either commiting fraud or were massively incompetent in their ratings of CDO's. They greatly helped create the housing bubble. After the crash, they have not been fined or prosecuted and are still in business making millions of dollars as if nothing bad had happened.

[van1976]

This whole hearing thing is just for show....The more the Fraud, the bigger the Bonuses...it's the American way...nothing will happento these guys.

[Ralphdraw3]

@van1976 Levin has turned all of the committee's information to the Justice Department for criminal and civil prosecution. At least this is a start. People should demand action. They probably won't because they're too busy watching basketball and baseball.

[holekyo]

and what will be when my country will say fuck you all, fuck off from us, our property is what we have on our lands. what if all countries will say so, and say that there is no debt. what if I will decide to take controll over europe in synchronised action ?? it's possible, you know those people which may do it easilly, they are in every country and they are well trained in fights, and they will come on "olimpic in my country" propercy sais it will be "olimpic of blood" ... wanna fuckin check ??

[holekyo]

if you will piss me off, I will show you how quickly end crysis. as money are fuckin illusion, as rating agencies are fuckin lie. countries borrow money, from where do they borrow, when all of them has got debt? somewhere must be placed someone who borrows. answer is easy. there's a state in which country is as rich as goods on it's teritory. and no fuckin rating agencies are needed then. no deficits and no problems, wanna check what that means ?? that's medicine for that fucked up situation

[marcMH]

@Ralphdraw3 they are god..no one can make them pay.. "god bless america" lol

[stuffisgd]

This will change nothing. These greedy pricks will continue to rape our wallets.

[exsinor]

@Ralphdraw3 The puppeteers of corruption always ensure that there are entertaining diversions for the masses to mask their thievery.

[Joxman2k]

WHAT! No way that Credit Agency's are complicit in Fraud!

(note heavy sarcasm!)

:P