[BITList] BIT, RANCHI ENGINEER FROM INDIA SHAKES USA

[COLIN TAYLOR]

yes, in what way is he an engineer?

Sharma took over as the president of S&P in August 2007, just when the sub-prime crisis in the US housing sector was getting out of hand, and credit rating agencies were picked as one of the perpetrators of the meltdown for their flawed ratings models of housing loans. Over the last four years as the head of one of the foremost rating agencies in the world, Sharma has faced several US Congressional grillings, but has negotiated most of those with much elan, people who have followed him closely say. In a recent interview, Sharma admitted that over the last four years, comments made by US lawmakers have changed to appreciation from strong criticism. 

Partha Sinha – the author of the article, got carried away with patriotic zeal and is full of shit. In no way has comments made by US law makers changed to appreciation from strong criticism – quite the opposite.
Sharma may have ‘negotiated with much elan’ but twas the rating agencies [who are paid by wall street bond/securities issuers, etc. to ‘rate’ the issuer’s bonds , etc. as the issuer wants – or else we’ll find another rating agency who will] who totally failed to recognise the baskets of shit bonds/securities being churned out by wall street before the 2007-8 economic crisis and rated ALL triple A! and we all know what the result was!

well done mr. sharma........................give your self a triple chapati.

Conflicts of interest often arise because the rating agencies, are paid by the companies issuing the securities — an arrangement that has come under fire as a disincentive for the agencies to be vigilant on behalf of investors. Many market participants no longer rely on the credit agencies ratings systems, even before the economic crisis of 2007-8, preferring instead to use credit spreads to benchmarks like Treasuries or an index. However, since the Federal Reserve requires that structured financial entities be rated by at least two of the three credit agencies, they have a continued obligation.

ct



From: HUGH 
Sent: Friday, August 12, 2011 3:28 AM
To: BitList 
Subject: Re: [BITList] BIT, RANCHI ENGINEER FROM INDIA SHAKES USA

John,

In what way is he an engineer?

Hugh.


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