Recall how the Bush administration cherry picked information and individuals who expressed support for the Iraq war debacle. Those who did not agree or were opposed got the boot.
Moody's appears to have done the same thing in promoting employees who would support a sense of the status quo and not suggest that the economy was heading into a severe recession.
Those who were alarmed at the approach of the recession got the shaft.
McClatchy: How Moody's sold its ratings -- and sold out investors
...Moody's Investors Service, whose investment ratings were widely trusted, responded by purging analysts and executives who warned of trouble and promoting those who helped Wall Street plunge the country into its worst financial crisis since the Great Depression.
3 comments:
Once objectivity becomes the victim of a pre-determined pt. of view or ideology your toast as an org. When the cheerleaders and flunky corp. are put in charge you know disaster lies ahead. This kind of thinking unfortunately dominates today in almost every corner of Corp. and Public orgs. The bosses DO NOT want to hear things are going wrong and they are more then prepared to kill the messengers of such news. What is even more disturbing however is that even after the ship is sinking in today's world these same bad managers etc . want to be rewarded for their bad decisions as if just making decisions and being boss is enough. This is why so many people out here are furious @ the way both the BV$H and the Obama Admins. have in essence rewarded all the bad behavior on Wall st. and in other sectors of the economy and the public sphere. If our leaders suffer no consequences for their bad decisions then why should they change?
Its very interesting because with Bush for example, it was a coalescing of neocon ideology, religion, money in terms of directing money to Halliburton and soldiers of fortune, and then a reason - 9-11. This entire complex was the basis of the Bush administration and the point from which all positions and policies were made.
I think this is a common method for all kinds of human activity. I hate being philosophical here but its true. We hit on an ideology, support it with our version of morality, see if it financially floats, and then look for a reason to set the boat on its voyage.
Just like Bush and co., nothing will probably happen with Moody's. This is the point of having power. Power can transcend money and guilt. Its amazing.
What I try to do, is hold a one man protest. When an organization has let itself go to corruption, I no longer participate.
Look @ the disgusting hypocritical way Congress went after powerless ACORN. We all know they were set up by Fox news and then the real betrayal was the way the spineless Dems. abandoned them and took away the few pennies given them. It was pure political theater to show that the Fascists are still firmly in control of both parties and will in act revenge where they see it's possible and expedient! Do we see any of the other Corp. felons being denied anymore of the Federal largess? Goldman Sachs, Lockheed , Halliburton and on and on all have paid huge fines for criminal felony and robbery of Federal tax money and NEVER been punished with a moment of denial of more contracts! ACORN gets set up and even after these two idiot employees are fired the revenge come down heavy and more importantly immediately! When Congress wants to act you see how quickly they can act. Then look at how they act and with what speed when it's something they don't want to do like REAL Health Care Reform or leaving Iraq or doing REAL Climate change legislation or properly regulating the Banksters. the Congress is still in the hands of the Right don't be fooled by party designation. They managed to fill the Dem. party with DINOcrats to take over that group as well. We the People are no longer in the saddle in DC or anywhere else.
Post a Comment