Ambac Financial Group Inc (AMBC)

[TheInvisibleHand ™]

Moody's, Standard & Poor's and Fitch <> From another board!

Moody's, Standard & Poor's and Fitch
20-Jun-08 09:57 pm Their Laundry list of
LONG-STANDING PROBLEMS


Cox, who was speaking on the sidelines of the 2008 International Organisation of Securities Commissions conference in Paris, said there were long-running problems concerning the rating agencies.

>>1) The rating agencies had already come under fire from 2001-2002 for not having spotted signs of problems at Enron and WorldCom
>>2) the U.S. utility and telecoms giants that went bankrupt after the publication of fraudulent accounts.
>>3)In the largest municipal bankruptcy in American history, in Orange County (1994), we had the same problem of paper being rated very highly on the eve of collapse," said Cox

>>4)Cox said there were similarities between the rating agencies' decision to rate certain subprime assets with investment grade ratings and earlier decisions to give out similarly high ratings to assets that later proved worthless.

"These problems are long-standing, and they need to be addressed"

***What are waiting for # 5
Come on.
FOMC meeting tues and Wednes.
might be a good one
alot of revolving,involving, evolving cash is now trash

http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_A/threadview?m=te&bn=126&tid=100076&mid=100076&tof=4&frt=2#100076