This "credit rating" it's another way of making business... Cleverly, and (so far) above the law.
How the euro crisis end game might look
After the fiasco of Collateralised Debt Obligations, anything the clowns of the credit-rating agencies have to say about Europe's sovereign debt crisis deserves to be taken with a sack full of salt. Unfortunately, continued use of ratings for regulatory and asset allocation purposes ensures they remain as powerful a force as ever. Having largely failed to warn about the dangers of eurozone debt, Standard & Poor's has upheld a long tradition of making a bad situation worse by putting Italy on negative credit watch, thereby generating a fresh bout of nerves in already dangerously unsettled markets. There were other ... (full story)