UKC

I see that rating agency Fitch are possibly about to downgrade the UK's Credit Rating - which is probably a self-fulfilling prophecy, given that the market's will react to Fitch's suggestion...

But I wonder, in light of the Crisis in Cyprus - which is apparently mostly because Cypriot Banks invested in Greece - whether the Rating's Agencies could be liable for the debt's run up by the Cypriot banks, because the Rating Agencies were giving Greece a blatantly incorrect Credit Rating?

Rather than trying to squeeze money out of people who have savings in Cypriot Banks, should the Cypriot Government be suing the Ratings Agencies that gave a - knowingly? - false report on the Economy of Greece?

?


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In reply to Dominion:

Either that or the Cypriot banks just go bankrupt and the Russians, who lent loads of money to the Cypriot banks who then lent it to the Greeks, should sue the credit rating agencies.

Or something like that that..?

In reply to Removed User:

I'm sort of wondering - like the LIBOR fixing frauds, and PPI frauds - whether there has been a deliberate scam to set a Countries's Credit Rating in order for a few individuals to top up their bonus package?

Not sure what relationship the Credit Rating Agencies have with the Banks, though. But I wonder whether they've been deliberately fed wrong information at some point?

Or even knowingly been fed wrong information, and published Credit Ratings based on information they know is falsified...

In reply to Dominion:

Clearly a large part of what we have been through since 2008 is about the wrong people getting access to money. So it's about these credit ref agencies as much as any other incompetent vulture.

Their system fails on so many levels. It is routinely manipulated at personal finance level and surely at country level too. Libor won't be unique.

Legislators are scared of these vultures and judges might be too.