01 February 2008

will and the (standard and) poor boys

This, from a comment on today's Crikey.com.au:

Standard & Poor's:
Alan Kerlin writes: Re.
"Wall St endgame? S&P drops a $265b bombshell" (yesterday, item 1). Glenn Dyer wrote: "S&P said it will start reviewing its ratings for some banks, especially those that 'are thinly capitalized'." So what exactly is it that they’ve been doing to justify their keep before now? Is this move by Standard & Poors just an attempt to disguise their failure to adequately perform their core function, and in so doing, further undermine the global markets for all of us plebs out here with money in super accounts? This whole issue has never been just about poor management in some US (and Australian?) banks. It is also an indictment on the job done by ratings
agencies, and by the general investment community, who after all are supposed to
be looking for – and avoiding – these sorts of problem companies.

Possum Comitatus's and my point exactly.

Today's AFR - the Business Council of Australia refutes Clive Hamilton's suggestion that all they do is whinge about lowering tax and reducing the regulatory burden. True - the BCA does some top class analysis and, a year or so ago, some excellent work on futuring and trends, to help inform policy development.

But whenever they're asked about a current issue, the response is invariably about lowering the rate of corporate tax. The simple answer to all of life's complex problems.

It's all about marketing, businesspeople! You of anyone should understand that!

Note the exclamation marks, a new low point in the reportage from pied a terre VVB.

Pied a terre, I should add, outside of whose windows the mighty Fitzroy rushes like an endless tide. Complete with scum-like stuff on top, branches, trees, crocodiles, snakes and poo.


Ann ODyne said...

I think all those institutions you mentioned are Corporate Criminals.

I do hope the mighty Fitzroy keeps on just rushing past and does not slow up to visit you.

I know how vile it feels to consider evacuating animals and possessions, so am wishing you safety and comfort.

phil said...

Thanks for the kind thoughts, D. My city bachelor pad is on the fifth floor - if the water had got up here, we would have had bigger things to worry about, I reckon.

Mark Lawrence said...

We want photos of the branches, trees, crocodiles, snakes and poo flowing by. But not necessarily in that order. Please? thanks.

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