Friday, April 23, 2010
Another totally incompetent and clueless CEO
If you were paid a total compensation of $ 7,569,981 last year, would you be even slightly concerned if you were unaware that your company was still giving fraudulent ratings to piles of shit as you were publicly downgrading the earlier piles of shit that you had fraudulently overrated earlier?
The chairman and chief executive of Moody's Corp. said Friday that he didn't know that his company continued to give investment-grade ratings to complex financial instruments backed by shaky subprime mortgages even after it downgraded billions of dollars worth of such deals in the summer of 2007.If he was not aware of how his company was performing its major and most lucrative function, just what the hell was he being paid for? He is either a liar or he owes the stockholders every penny they ever wasted on this clown.
His admission came during a daylong hearing by the Senate Permanent Subcommittee on Investigations, which is looking into the origins of the nation's worst financial crisis since the Great Depression.
Moody's chief Ray McDaniel, under questioning, said that he didn't think his company had continued to rate complex deals backed by U.S. mortgages after it and competitor Standard & Poor's jolted the markets in July 2007 with massive downgrades of earlier deals.
"I apologize, I do not recall that," McDaniel said.
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