The rating agencies have a job to do and they aren’t doing it. Once again Goldman was able to coerce Moody’s to squeeze out an AAA rating because the bankers know what has to be in a prospectus before hand.

So there is much ado at cherry picking, especially when stacking the barrel to be loaded with the rottenest of apples under risky cherries for Abacus. How is that possible? Where is due diligence when this can happen? (over and over again)

The money has the power and that’s what has to stop. Wallstreet has to be reigned in and good solid regulation has to do it or it will come crashing down. Are bankers betting long or short on that?

Yes I know bankers will resist as they don’t like to be held back and feeling restricted … as they are now adrenaline junkies from making risky stupid loans and deals with other people’s money.

Rating agencies should be put on the red carpet for antitrust practices and not played off against each other. Who owns these guys ?

Yes, push MCR’s up to 20%.

The rating system is antiquated.