It seems Moody's and Standard & Poor's are getting a bit of their own medicine. I find it ironic that these two rating agencies are getting some kickback. After all, the banks could not have hidden weapons of mass destruction in their bundles of derivatives had the rating agencies been doing their job.
S&P has one of the worst records for incompetence - they also do not have arms-length relationships with corporations. They give great ratings to private debt and low ratings to public debt. Not to mention sterling ratings for companies that are actually Ponzi schemes (think Maddoff.) In other words - they are putting a nail in the coffin they helped create.
Is it too early for a drink? No you say - Monday morning is too early for a drink!
How about if I have it with fruit?