"Standard & Poor’s is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research and data. We supply investors with the independent benchmarks they need to feel more confident about their investment and financial decisions."
oooh! aahh! cantona!, that sounds good, doesn’t it?
yesterday, standard & poor’s cut wall st. investment bank credit ratings on expectations the securities firms will be forced again to write down the value of their assets.
what’s wrong with that, you might ask. i say, well why didn’t they do this anytime before these very same firms hemorrhaged $800 billion dollars in losses, and the collapse of wall st’s 5th largest investment bank, bear stearns…and all during a time when the federal reserve didn’t make borrowing funds available through it’s discount window. i.e. conservative, more predictable conditions.
conclusion: you wait until everyone's lost their shirt, and then make a prediction.
isn't that being just a little fuckin’ late to the party, guys?