Rating The Rating Agencies

I find it amusing to discover that Moody’s and Fitch have downgraded BP debt. In moral and ethical terms I had long since declared Moody’s, Fitch, S&P and DBRS totally and absolutely bankrupt.

The world has no care for what I think, but I believe that existing Rating Agencies have irrevocably violated the public trust. They cannot recover, and they cannot be replaced because ethics and morality are themselves no longer understood in the financial community.

Without integrity Wall Street cannot exist. Without Wall Street, we watch in awe as freedom falters.