Saturday, July 19, 2008

[thought for the day] retrospective

In the light of Moody's admission of computer error:

A mediocracy does not believe in innate ability. It believes that anyone can be a philosopher, mathematician, or central bank chief — provided they have had appropriate training. A mediocracy does not believe in the value of thinking, or in individuals having innate powers of judgment. It believes in following procedures, making rules, ticking the boxes.

Fabian Tassano]

Fabian quotes the FT:

As one senior risk manager writes ... “we did express to senior management that we lacked the analytical skills ...” (FT)


Anonymous said...

The point about any of the major US rating agencies is that they are paid by the company seeking the rating, and do the box ticking on data supplied by the applicant company
This is a complete conflict of interests.
The ratings of these companies have been regarded by competent investors as worthless for several years now.

In many cases triple AAA ratings have been held on companies that had already lost 90% of their share value.
They were ultimately downgraded once the "boyz" had exited!

The agencies were/are, part of the unspoken rigged system designed to aid the global sale of toxic paper, that has brought global finance to its knees.

The paper never was AAA, and only the bag holders at the end of the chain didn't know.
$billions of profits have been booked, and $billions of bonuses paid for what were non-existant profits.
Now the problems come home to roost, and the taxpayer will pay!
Currencies will crash, unemployment, starvation, and all to feed parasitic financiers.

It has bugger all to do with mediocrity, and everything to do with total filthy corruption.

All this was known from the beginning, and rules and law were laughed at, or ignored. All levels were humping at the trough.

May the bastards rot in hell, they risk bringing down the west.

Lord James Bigglesworth said...

Anon - there are three pieces of yours I've seen recently. One was on Sackerson's blog, one here on an earlier post and this.

Thanks for the addendum and I hope there is some debate on this, though Saturday and Sunday are not usually auspicious days for it.

Anonymous said...

never been to sackersons blog

Anonymous said...

Is sweet idea mine?

Anonymous said...

reference s'blog.

I know a guy who could/would, bounce of my IP

Anonymous said...

I've just found the post on sack site that you think is me.

But I agree with poster, and I know several who would post like that.
Nope, not me!

Pass the gin, it's Sunday, Hic.