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Fraud and Greed of Trusted Rating Agencies Helped Spread the Credit Crisis
Underlying the credit crisis gripping the U.S. and world economies is a crisis of confidence. Blame has been laid at the feet of the U.S. Federal Reserve, and an investment bankers’ brew of toxic financial products. Ultimately, however, it was the supposedly trustworthy rating agencies that got everyone to drink the poisoned Kool-Aid.
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The sheer fraud and greed of rating agency analysts and executives is staggering. That no one has gone to jail, and none of the agencies have been…
18Dec2008 | Money Morning | 0 comments | ContinuedGlobal Markets Nosedive as Credit Crisis Washes Over Europe
Major indices around the world plunged yesterday (Monday), as the credit crisis picked up momentum in Europe and markets in Asia began bracing for a deep recessionary environment in the West.
The Dow Jones Industrial Average careened below 10,000 points for the first time since 2004 yesterday, after plummeting 500 points in the first hour of trading. The Dow closed down 369.88 points, or 3.6%, on the day at 9,955.50, after earlier surrendering as much as 800 points.
The Standard & Poor’s 500 Index shed 42.38 points, or 3.95%, to 1,056.85 and the Nasdaq Composite Index tumbled 137.52, or 7%, to close at 1,809.
The Dow…
7Oct2008 | Money Morning | Comments Off | ContinuedThe Four Tough Questions to Ask Yourself in a Tough Market
For investors who are used to living large, this has been the year from hell.
The markets are tanking. Food costs 25% more than it did a year ago. Inflation is on the march for the first time in decades. The sky’s the limit on gasoline after oil prices have doubled in the year.
No doubt about it: As far as financial downturns go, this mess is the real deal.
With that in mind, we’ve taken the time to provide you with candid answers to four questions we’ve been asked time and again. And that’s not all. We used those questions to craft…
1Jul2008 | Money Morning | Comments Off | Continued
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