Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-455"
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"en.20100615.28.2-455"2
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"Mr President, credit rating agencies sold their souls to the devil some years ago when they started to rely on those companies whose bonds needed grading for payment. He who pays the piper calls the tune.
It inevitably led to misgrading. Most credit rating agencies employ children who can barely read a balance sheet. They only change their gradings when a disaster is apparent to all. Paradoxically, it is usually the hedge funds who find out the truth behind the numbers. They exposed Enron, for example. But the truth about numbers can be unpopular, especially here, which is why we hate them.
However, even the coke-sniffing youngsters at the credit agencies know that Ireland, Greece, Spain, Italy, the United Kingdom and Portugal are broke.
is
in any language!
So what does this House propose? Our own credit rating agency paid for by us, guaranteed to dance to our tune. It can stick AAA ratings to junk bonds issued by the eurozone’s failed economies. The question is, who would these fool? I suggest, with the exception of some English county councils and the BBC economics correspondents, virtually nobody. When the people of Europe realise that they have been the guinea pigs in a gigantic failed currency experiment, they will burn this place down and guillotine the lot of us, and who could blame them?"@en1
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"Kaput"1
"kaput"1
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