Nader’s warnings to rating agencies

Via onthewilderside.com
Published at Nader.org

Ralph Nader ran for President with the Green Party, and more recently as an independent candidate. Below is an excerpt from a 7/28/2011 post at Nader’s nonpartisan website. It is an Open Letter he wrote to the heads of Standard and Poor’s, Moody’s Corp, and Fitch’s Ratings:

Now your lobbyists are pressing members of Congress to weaken further the provisions affecting rating agencies in the Dodd-Frank law in ways that will raise the risk-consequences for the savings and investments of innocent people. See the strong critique of your looming downgrade by arch-conservative columnist Holman W. Jenkins in the January 27, 2011 Wall Street Journal titled, “Who Elected the Rating Agencies?” Mr. Jenkins wrote that not only are your caveats overblown, but he concluded that, “it is foppish in the extreme of S&P to imagine its opinion is needed or valued, and one more reason to expedite a rare useful provision of Dodd-Frank – it’s requirement that federal law be purged of language requiring investors to act on the opinions of rating agencies.”…

8 thoughts on “Nader’s warnings to rating agencies

  1. Gene Berkman

    The U.S. government is more than 14 trillion dollars in debt, and just raised its borrowing authority so it can go more into debt. It is natural that the credit rating of the U.S. government would be downgraded.

    If customers at a restaurant started getting sick, and the health department closed the restaurant down, would Mr Nader complain about the health department’s rating of the restaurant?

  2. Deran

    S&P, Moody’s, Fitch, are all private corproations that make their money giving positive assessments to the bonds and such of corporations that pay them for these ratings. Health Department is not a privately held institution.

    I’m not arguing that the US doesn’t a lot odf debt, I just think S&P is trying to excersize power they lost after the mortgage ponzi scheme they were major players in collapsed and S&P et al lost a great deal of influence.

    I think this goes back to the Obama admin not prosecuting the banksters and leaders o Wall Street theat were involved in the post-Glass-Steagall. If he had these analysts would be banging their tin cups on the bars of a federal prison, instead of further wrecking the United States.

  3. paulie

    Deran,

    And what do you propose to do about foreign ratings services that are and/or will be downgrading the US debt risk?

  4. Pingback: Nader’s warnings to rating agencies | ThirdPartyPolitics.us

  5. Deran

    Paulie,

    Realistically, I understand that globalization has opened the door to multinational financial institutions dominating the average persons life. Nonetheless, I still say had Obama not been a scoundrel and liar, and gone ahead and prosecuted the Wall Street gangsters, I think that would have sent a message. But Obama is evermore dedicated to neo-liberal classical economics and he does not want to challenge the banks, he wants to curry their favor.

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