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Rated F for Failure
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Jerome Fons rates the credit rating agencies F for failure, and says its time to leave out ratings language from financial contracts. Its time to rely on good judgement. He is former managing director of Moody's. The system is rife he says with conflicts of interest and the whole system has failed and is still in failing mode. The finacial system he says can function without letter ratings, regulators and investors should consider all the relevant information about an investment including market prices. And he says lets return to the tool we all used before we delegated responsibility to ratings agencis, and this tool is our better judgement of things.
$52 billion of government money to go through AIG to banks and in turn to hedge funds for betting against the housing market.
01/19/2009
The Financial Products Group's 370 person staff at AIG earns bonueses of $400 million for AIG insurance sold at "fractions of a penny for every dollar covered, less than $10 million for $1 billion of insurance" (WSJ). It costs the government $52 billion to take care of this and $165 million in bonus check go out for retention incentives with binding contracts to these staffthe same week. Thats the kind of financial innovation that has exacerbated the turmoil and created acrisis of condfidence for financial markets in the USA by March 2009.
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