4 ms·
The ratings agencies didn't benefit from the "pump" in this case. They just did a poor job of assessing the risk by buying into the idea that the risk was lesse
by pyre 9y ago
The ratings agencies didn't benefit from the "pump" in this case. They just did a poor job of assessing the risk by buying into the idea that the risk was lessened by pooling the toxic assets together. If the ratings agencies were not "pumping and dumping" then who are you claiming are the pumper-dumpers?
- philipodonnell 9y ago> The ratings agencies didn't benefit from the "pump" in this case. They just did a poor job of assessing the risk by buying into the idea that the risk was lessened by pooling the toxic assets together. If the ratings agencies were not "pumping and dumping" then who are you claiming are the pumper-dumpers? I got you. Ratings agencies are the affiliate scammers in this case. You're right, they didn't buy the scammy products or sell them, but they were paid by the product owners to represent the products as legitimate, which they did and made a ton of money. When the products turned out to hurt a lot of people, the ratings agencies/affiliate scammers threw up their hands with a "how could we have known?" while everyone who got hurt was saying "that is literally exactly what you said you were being paid to do, so if you didn't do that, then WTF were you getting paid for..." Oh.