How Moody's sold its ratings - and sold out investors
By Kevin G. Hall
McClatchy Newspapers
October 18, 2009
As the housing market collapsed in late 2007, Moody’s Investors Service, whose investment ratings were widely trusted, responded by purging analysts and executives who warned of trouble and promoting those who helped Wall Street plunge the country into its worst financial crisis since the Great Depression.
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Moody’s In the News this week:
- Moody’s cuts British Airways to Junk Status
because they offer there workers good pension packages
subtext - busness that don’t slash pensions will be punished - Moody’s May take away the US’s AAA rating
subtext - Us must cut social spending or it will be punished - Moody’s fears social unrest as AAA states implement austerity plans
subtext - Countries must cut social spending, investors should consider investments in military / security industrial complex
