S&P, Moody’s, Fitch: “You Didn’t Actually BELIEVE Us, Did You?”

A couple of things today:

  1. The new Queens of the Stone Age record, …like Clockwork, is excellent. Dave Grohl on drums and former members Nick Oliveri and Mark Lanegan making return appearances means a trippy, laid-back, but paradoxically super-heavy vibe. After the first few listens, I have to say it’s my favorite QOTSA record since Rated R.
  1. You may be familiar with the highly popular Wall St. gossip blog Dealbreaker. While much of the site is decidedly gossip-centric, specifically regarding the investment banking and hedge fund industries, staff writer Matt Levine regularly posts VERY comprehensive (And footnote laden! Love me some footnotes!) analysis of finance topics that are usually only glossed over by the mainstream media. I highly recommend reading his work.This most recent post, regarding the almost-incomprehensibly arrogant ratings agencies and their strategic utilization of the Nazi Party’s Big Lie methods (my characterization, not Mr. Levine’s), details some of the intricate machinations that the ratings agencies are currently engaged in as they try and convince various and sundry courts to dismiss billions of dollars in litigation filed against them for that little debacle we had back in 2007-2012.This would almost be funny if it weren’t for the objective fact that the ratings agencies basically enabled the world’s largest investment banks to, I dunno, almost destroy the global financial system. That’s not hyperbole, either. Anyway, one of Mr. Levine’s gem observations pretty much sums up the hilariousness:

“What’s fun here though is to consider S&P’s two main arguments which are:

  • ‘When we say we have a policy of objectivity and independence and avoiding conflicts of interest, we don’t want anyone to take us seriously about that, and
    • What do you mean our ratings of RMBS CDOs in 2007 were wrong? They were fine, stop whining.’

Here’s the whole article. Check it out if you’ve already taken your blood pressure med/antidepressant for the day.

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