Italian prosecutors claim downgrades from S&P and Fitch destablised Italy and exacerbated the eurozone debt crisis
Nice to see sovereigns finally figuring out what we’ve been saying for 5 years now; that the rating agencies along with the investment banks, hedge funds, ‘Big 4′ accounting firms and the financial media operate as a racket.
This is happening in Australia too…
http://www.taipeitimes.com/News/biz/archives/2012/11/06/2003546978
“He who pays the piper calls the tune!”
These are the ‘Mercenaries’, in every economic war.
Think it was Webster Tarpley who first broke this story about Michele Ruggiero a few years ago good to read he got some where.
“Nice to see sovereigns finally figuring out what we’ve been saying for 5 years now; that the rating agencies along with the investment banks, hedge funds, ‘Big 4′ accounting firms and the financial media operate as a racket. ”
Nice summary
I COMPLETELY AGREE HOWEVER YOU OMITTED THE CFTC AND SEC AND VARIOUS OTHER ACRONYMS IN THE SAME GAME. THEY CAN GANG UP ON NON INSIDER TBTF BANKS SUCH AS UBS, AND FORCE DIVESTMENT STRATEGIES, OR BARCLAYS AND WOULD YOU BELIEVE HSBC WITH VIRTUAL IMPUNITY. THE REAL GAME IS TO ENSURE THAT THE US TBTF BANKS ARE THE ONLY ONES LEFT STANDING
As Tarpley says you have to have a plan of action and he pin pointed Michele Ruggiero out. Knowing is one, thing being able to act to put forward evidence and change a corrupt situation is a whole different ball game. I hope Dr Topras gets some where with Greece.
More info:
http://www.guardian.co.uk/business/2012/nov/12/credit-ratings-officials-should-be-tried-italy
“Trani prosecutor Carlo Mario Capristo said on Monday that an audit court in the region of Lazio had also opened an inquiry and had estimated damages wrought by the agencies on the Italian treasury at €120bn (£96bn).”