Saturday, November 17, 2007

FREE MARKET???

Not so much, really. From Yves Smith, we learn that the ratings companies don't always give a fair market evaluation:
In early September, a senior Moody's executive....at a small private dinner....said, "Moody's would never lower the credit ratings of a financial guarantor, because that would put the guarantors out of business."

I think this is another example of Village mentality.

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