THE FREE MARKET FAIRY IS ASS-BACKWARDS

As a firm believer in Truth, Justice and the American Way, I was astounded to learn that Moody's and S&P are going to downgrade Barclays BECAUSE some to the top crooks have resigned.

Departures prompt Barclays downgrade
By Sharlene Goff and Mark Wembridge
July 5, 2012 9:05 am
FINANCIAL TIMES

Moody’s warned that downgrades to rating and senior debt could be possible “if [the] bank proved unable to restore a stable management structure over the coming months”.

“The shareholder and political pressure on Barclays ... could lead to broader pressure on the bank to shift its business model away from investment banking and reform perceived failures in its business culture,” it said.

"Perceived failures" is a weasel term used to avoid the truth about Barclays.

S&P didn't use weasel words but worried that Barclays may not replace the criminals with other criminals:

S&P also raised the alarm over uncertainty at the bank and said its decision was based on the potential for a new chief executive to launch an overhaul of the bank’s activities.

It expressed particular concerns over the future direction of Barclays’ investment banking arm, which Mr Diamond led for more than a decade before he took over as chief executive.

“We believe that Mr Diamond was closely related to the growth and relatively resilient performance of the investment bank and was supportive of its strategic prominence within the group,” S&P wrote in its announcement.