Burning the Midnight Bridges

Boardrooms worldwide are abuzz on the weekend. Sober executives are meeting to unilaterally pass motions to permit them to break a solemn oath made to clients. They had pledged to restrict fixed income investments to triple AAA quality. A promise with NO exceptions. As it turns out they are now between a rock and a hard place, and this change in their investment quality limits is in the best interest of their beleaguered customers.

The board members are victims too – victims of decisions made by the Obama Administration that resulted in a U.S. debt downgrade – the first such downgrade in the history of the nation.