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View Diary: BREAKING: Standard and Poor's GUILTY, “deceived” and “misled” Investors (91 comments)

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  •  Complicit and Conned (7+ / 0-)

    Lewis's The Big Short makes the argument that bond ratings agents were second and third tier school graduates who "couldn't make it" in securities. He argues that they were also poorly paid and rushed, so, had they been able to figure out the garbage being handed to them, they wouldn't have been allowed to.

    Consequently, they were structurally complicit even when they were not complicit by design. They had set themselves up to be fooled, rewarded themselves for being so, and then got rewarded for accelerating the deceit. It was the financial enactment of Jonathan Swift's description: "the perpetual, peaceful possession of being well deceived -- of being a fool among knaves."

    If money is the root of all evil, then what is Mitt Romney?

    by The Geogre on Mon Nov 05, 2012 at 04:13:54 AM PST

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