On Dec 7, 1:34*pm, F. George McDuffee gmcduf...@mcduffee-
associates.us wrote:
On Sun, 07 Dec 2008 11:21:27 -0500, Joseph Gwinn

wrote:
As for the rating agencies, there is a very interesting article on the
front page of todays (lead article, 7 Dec 08) New York Times: "Debt
Watchdogs: Tamed or Caught Napping?".

http://www.nytimes.com/2008/12/07/business/07rating.html?partner=rss&....

============
Thanks for another good article.

best line was
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snip
When Moody’s began lowering the ratings of a wave of debt in July
2007, many investors were incredulous.

==“If you can’t figure out the loss ahead of the fact, what’s
the use of using your ratings?”== asked an executive with Fortis
Investments, a money management firm, in a July 2007 e-mail
message to Moody’s. “You have legitimized these things, leading
people into dangerous risk.”
snip
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Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Methinks that a quaint custom employed by ol' Napoleon to excellent
effect may bear re-introduction. This worthy executed one admiral per
year to "encourage the others".

Egad, if we did this with one preselected politico, one snivel
servant, one financial mismanager, each year, think what this would do
for the TV ratings! think what this would do to your investment
portfolio! Think what this would do to honesty in government! The
mind boggles at the possibilities.

Wolfgang