S&P blessed pure-junk subprime loans—and now they’re judging US creditworthiness?

Robert Kuttner
Co-founder and co-editor, The American Prospect
Triple-A Idiots
Posted: 8/7/11 08:25 PM ET

You have to hand it to Standard and Poor’s. Forget their two-trillion dollar math error. The whole idea that these clowns are evaluating the creditworthiness of the United States is just loony.

For starters, these are the same people who brought us the crisis, by blessing junk sub-prime loans as AAA securities. And they did so because they were paid as consultants by the same financial scoundrels who created the securities.

The executives of the credit rating companies — not “agencies,” for these are private, profit-making, essentially unregulated companies, not public entities — belong in prison.

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