Credit Rating Agencies Take Money For Better Reviews

Discussion in 'Economics & Trade' started by upside-down cake, Jun 26, 2013.

  1. upside-down cake

    upside-down cake Well-Known Member

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    Heard the "news"?

    Rating agencies are taking money in exchange for better credit ratings...

    http://business.time.com/2013/02/06/justice-sues-sp-but-what-purpose-are-ratings-agencies-serving-anyway/

    Perhaps it's just me, but does this really sound like new news to anyone? It's like someone telling me movie reviews are more often bought than not, or the product reviews for many of the products you buy (good and bad) were paid for by a company or their competition. In our society, corruption of this kind is commonplace. So common place we shrug when we say that Congressmen and other government officials routinely involve themselves in things like insider-trading, illicit deals, illegal funding of questionable activities...and that's just the light stuff. The weird thing is that we accept these white-collar crimes at our nations highest levels as common and acceptable, and then act incredulous whenever someone mentions a new scandal or intrigue of some sort.

    To me, this message of corruption has been brought up again and again and again. And I know exactly how it will play out because it's awfully repetitive.

    1. They'll be a congressional hearing... :roll:
    2. The accused will get hit with the "hard questions"
    3. A parade of "I don't know's" or "I cannot answer that's" will commence
    4. No one of consequence gets punished, and those who do get relatively meaningless slaps on the wrist
    5. Story disappears from media, event disappears from consciousness

    Why don't things ever change? Because the corrupt are the ones in charge of changing it.
     

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