Greenspan Slams Ratings Agencies


	Greenspan Slams Ratings Agencies

BobbyDelray

9-23-2007 5:09 PM

106 views

tags:

greenspan slams ratings agencies, fed, moody's

BobbyDelray says:

No doubt on this one, the ratings agencies were bought off and didn't do their job.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/93ac5a1b-d497-4332-a496-9d341e7e7feb/F5285C78-D6F0-4C68-97B8-087D1CE60F03/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/economics/2007/09/23/greenspan-slams-ratings-agencies/" href="http://blogs.wsj.com/economics/2007/09/23/greenspan-slams-ratings-agencies/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/09/23/greenspan-slams-ratings-agencies/"><P><IMG height="48" alt="greenspan" hspace="0" src="http://online.wsj.com/media/it_greenspan.gif" width="44" align="left" vspace="0" /> In an interview with Sunday’s Frankfurter Allgemeine Zeitung, one of Germany’s most prominent newspapers, former Federal Reserve Chairman <STRONG>Alan Greenspan</STRONG> sharply criticized ratings agencies for their role in the current credit crisis. “People believed they knew what they were doing,” Mr. Greenspan says in today’s <A href="http://www.faz.net/s/Rub034D6E2A72C942018B05D0420E6C9831/Doc~EF5A672F689134A84842B34B3471D2713~ATpl~Ecommon~Scontent.html">FAZ</A>. “And they don’t.” </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/09/23/greenspan-slams-ratings-agencies/"><P>Still, he doesn’t think it’s necessary to strengthen rating-agency regulation. Essentially, they’re “already regulated,” he says, because investors’ loss of trust means the agencies are likely to lose business. “There’s no point regulating this. The horse is out of the barn, as we like to say.” Greenspan also said he believes that the volume of structured-finance products will decrease. “What kept them in place is a belief on the part of those who invested in that, that they were properly priced. Now everyone knows that they weren’t. And they know that they can’t really be properly priced,” said Greenspan. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/09/23/greenspan-slams-ratings-agencies/"><H2>Greenspan Slams Ratings Agencies</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2007/09/23/greenspan-slams-ratings-agencies/"></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F5285C78-D6F0-4C68-97B8-087D1CE60F03/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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