Wednesday, July 6, 2011

Portugal bankers: EU should have own credit raters

Are you serious? I'm sure they would have a lot of credibility.  I guess if you don't like the rules of the game, you just change them. That seems to be what the ECB continues to do. I really wouldn't be surprised if this happened. As crazy as it sounds.
Imagine if you could rate your own bonds and rate the credit worthiness of your own banks. All of the problems would be covered up until one day BOOM, it's over...