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View Diary: Franken's Amendment Passes, 64 to 35 [Updated with more good news] (221 comments)

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  •  By the way (2+ / 0-)
    Recommended by:
    cotterperson, Geek of all trades

    S&P does not make most of its money from companies that were being rated. S&P makes its money from the subscribers to its information services or in other words from people (media companies like Bloomberg, the NY Times, banks, and investment houses) who wanted access to those ratings.

    I was directly involved in the Enron debacle as I was responsible for supporting the server that delivered the ratings data. The machine was over 6 years old and unscheduled outages were frequent occurrences. Normally no one gave it much thought since a few minutes while the server rebooted wasn't a big deal as it was just a delivery system that blasted out reports to S&P's customers. I predicted eventually it would go down at a critical time at the worst possible moment and I was right. My root cause analysis report on the system failure and the supporting documentation including e-mails (including the one that had my prediction) leading up to what happened showing the system failed regularly are in the Congressional Record for the investigation. Subsequently I was given the green light to redesign the system so it would be fully redundant and to my knowledge there has never been an unscheduled outage since (I left the company several years ago).

    When the power of love overcomes the love of power the world will know peace. -Jimi Hendrix -6.0 -5.33

    by Cali Techie on Thu May 13, 2010 at 12:10:16 PM PDT

    [ Parent ]

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