Thursday, August 11, 2011

They helped

SF Examiner

2011 August
letters to the editor
san francisco
Letters to the Editor
Time to shed light on where Ed Lee stands

Standard and Poor’s decision to downgrade the United States credit rating has led to a lot of criticism of the company. The White House called the S&P performance, which included a miscalculation of about $2.1 trillion, “amateur hour.”
S&P didn’t just miss the housing bubble. They helped cause it. They made money from the banks by awarding their AAA stamp of approval to all manner of financial products that were anything but riskless. Ironically, this makes them an accessory to the resulting explosion of U.S. debt.
Ted Rudow III, MA
Palo Alto

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