Sunday, 21 August 2011

MOODY'S ANALYST BREAKS SILENCE: Says Ratings Agency Rotten To Core With Conflicts, Corruption, And Greed

A former senior analyst at Moody's has gone public with his story of how one of the country's most important rating agencies is corrupted to the core.

The analyst, William J. Harrington, was employed by Moody's for 11 years, from 1999 until his resignation in 2010.

From 2006 to 2010, Harrington was a Senior Vice President in the derivative products group, which was responsible for producing many of the disastrous ratings Moody's issued during the housing bubble.

The regulatory (and ratings) systems in the US are, on many levels, corrupted. The FDA is made up of corporate stooges, the SEC is no good and, of course, the US Congress has been bought (and/or extorted) to serve special interests. The crooks have themselves covered- which is a logical thing to expect when we are dealing with big money and power. Exposing these crimes, and prosecuting those responsible for the fraud, would help control the abuses.

[Posted at the SpookyWeather blog, August 21st, 2011.]

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