Sean Egan Takes On The SEC's Rating Cronyism
• Zero Hedge"The fundamental problem is that conflicted ratings have and are causing massive harm to investors and now, unfortunately, to the American taxpayer as well. The current credit crisis might cost taxpayers $23.7 trillion according to the TARP reviewer Neil Barofsky and inflated ratings are universally cited as one of the primary culprits in this collapse of the credit markets." - Sean Egan "Dear SEC - continue abusing the public's increasingly declining patience with your lack of integrity and inability to prosecute those at fault for the current crisis at your own peril." - Tyler Durden Remember when in the days after the Lehman bankruptcy the financial system almost collapsed and the Fed was forced to pump several trillion of dollars into various swap arrangement almost overnight to prevent a so-called cataclysm? A primary culprit for this was the Reserve Fund "breaking the buck" due to its extensive investments in Lehman Brothers, which finall
