Moody's Folds
WASHINGTON — Bowing to growing concerns from municipal issuers, Moody’s Investors Service announced Wednesday that it will stop trying to get state and local issuers to agree to indemnify and hold it and its officers harmless for any mistakes they might make as a precondition to assigning ratings to municipal bond transactions.
I call BS on that.
What I think “convinced” them to drop it was this from my earlier Ticker on the subject:
Moody’s claimed, incidentally, that this language predated FinReg and was not a “response” to anything in there. My retort is that it doesn’t matter – the issue isn’t insulation from the government withdrawing their “you can say anything without liability” shield (a shield that nobody else has in any other venue, incidentally), it is that such language destroys any claim of independent status, and thus also destroys the predicate upon which said “ratings” have value in the marketplace.
Betcha.
Glad it’s gone, sad that they had to be called on it to figure out that you can’t be “independent” and “indemnified” for your own actions at the same time.
Disclosure: No position
market-ticker.org/akcs-www?post=165790
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).