Thursday, June 14, 2012

Ratings Agencies: Criminal Intent and Criminal Investigation

The Rating Agencies continue to downgrade anything that moves in Europe but something is afoot. Pier Ferndinando Casini, an Italian politician, has already suggested that these moves might not be entirely legitimate.

http://youtu.be/HveUOfqZoGQW


"The decision by Moody's this morning is of unprecedented seriousness. Today we need to re-propose the idea of a European ratings agency. Yesterday the Ratings Agencies were inattentive, today they risk being a part of a criminal plan against Europe and Italy. It is a disgrace that without any new information, except for the economic downturn which impacts every country in the world and in Europe, today our banks have been downgraded. It is an assault on this country's economy and we believe that the loss of credibility of the Ratings Agencies from today is total. This is why it is important to begin as quickly as possible, and without further discussion, the creation of a European Ratings Agency."

And a criminal investigation of the actions of the Ratings Agencies in Italy has already begun. Consob, Italy's stock market regulator, will now decide if these Ratings Agencies will be able to operate in Italy in future.

This is just starting to get interesting. Stay tuned.

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