24 January 2013

Honest Rating Agency punished by regulators

It is possible that rating agency Egan-Jones has not followed regulatory guidelines (themselves of questionable value) but to be banned from a large sector of the market for what is the equivalent of a parking offence seems to go to far - even if one never can underestimate the deviousness of regulators and the financial establishment that seems to dictate its actions. So readers are warned if they think that bond ratings  are anything they should pay attention to.