But the government’s lawsuit paints a picture of a company that misled investors knowingly, more concerned about making money than about accurate ratings. It says S&P delayed updating its ratings models, rushed through the ratings process and was fully aware that the subprime market was flailing even as it gave high marks to investments made of subprime mortgages. In 2007, one analyst forwarded a video of himself singing and dancing to a tune about the deterioration of the subprime market, with colleagues laughing.
Ratings agencies like S&P are a key part of the financial crisis narrative. When banks and other financial firms wanted to package mortgages into securities and sell them to investors, they would come to a ratings agency to get a rating for the security. Many securities made of risky subprime mortgages got high ratings, giving even the more conservative investors, like pension funds, the confidence to buy them. Those investors suffered huge losses when housing prices plunged and many borrowers defaulted on their mortgage payments.
My relationship with the Boy Scouts of America was not the most pleasant. I was an oddity, to be sure. I think I was at one time the only—only—second class scout to be a patrol leader. Second class. For those who may not have been through the quasi-military organization, the way it was structured in […]
As of 2011, American law enforcement arrested significantly more people for possession of marijuana than for violent crime. Actions speak louder than words. Our priority is to shove hundreds of thousands of otherwise law-abiding people into the “criminal justice” meat-grinder than to spend that money hunting down violent people (or for that matter, white collar criminals).
I haven’t seen Zero Dark Thirty and I don’t plan to do so. I’ve read enough about the film’s glorification of torture and violence, and the falsifications of history, that I’m not interested. I did read Matt Taibbi’s review, however, which is primarily a comment on what this film says about us:
The real problem is what this movie says about us. When those Abu Ghraib pictures came out years ago, at least half of America was horrified. The national consensus (albeit by a frighteningly slim margin) was that this wasn’t who we, as a people, wanted to be. But now, four years later, Zero Dark Thirty comes out, and it seems that that we’ve become so blunted to the horror of what we did and/or are doing at Abu Ghraib and Guantanamo and Bagram and other places that we can accept it, provided we get a boffo movie out of it. That’s pathetic. Bin Laden was maybe the most humorless person who ever lived, but he has to be laughing from the afterlife. We make an incredible movie that celebrates his death – a movie so good it’ll be seen everywhere in the world – and all it does is prove him right about us.
Bill Maher reminds Second Amendment Advocates that politicians of both major parties have stolen all of our other rights: