So apparently, credit rating agencies Moody's and Standard & Poor today cut the rating of insurer AIG, who appears to be the next financial company to fail. They did that the day after the company's shares fell more than 60%. Similarly, after Lehman Brothers declared bankruptcy, they lowered the credit rating of that company from A2 (very high) to junk status. Isn't that a bit too late given the fact that investors have already lost the money? And what does it say about the value of their ratings when companies hold a A2 rating on the moment they go bankrupt?
They sound sort of like fictional investment banker George Parr who when confronted with the fact that they despite their million pounds salaries didn't foresee the banking crisis in the strictest sense of the word, or in any sense of the word, replied that they did notice it when it happened.
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