Word: aaas
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Capitalism didn't fail us, publishing heir Forbes and his co-author argue. We failed capitalism by getting in its way. As if we're the ones who created the sleazy subprime mortgages and exotic derivatives (graded phony AAA by real capitalists) that blew up the system. It's the standard Forbes canon: government and taxes bad; rich people good. The pair dutifully round up free-market evangelists from Smith to Hayek to Friedman to support their apologia but fail to add any real insight. Capitalism works, all right, but not like this...
...wake of the financial crisis, prosecutors again hoped e-mail would point to wrongdoers. In mid-2008, the Securities and Exchange Commission released e-mails that seemed to show that analysts at credit-rating agencies understood that the mortgage bonds they were rating AAA were actually much riskier than that. An analyst wrote to a colleague, "Let's hope we're all wealthy and retired by the time this house of cards falters." However, no criminal charges have been brought against rating-agency officials. (See 25 people to blame for the financial crisis...
FEAST: Cultural Food Festival Quincy Dining Hall, 8:30 p.m. Tickets are $5 from an AAA member or $7. Cool fact: e-mail jskm.lists@gmail.com or wlee@fas.harvard.edu and they will deliver food to your door! But then you’ll miss the cultural performances...
Healy, who has been in office for 28 years, has garnered the support of most councillors and has presided over the maintenance of the city’s AAA bond rating. In January, his contract was renewed for another three years by a nearly unanimous vote, in which Councillor Craig A. Kelley was the only one to dissent...
...likes of Citi owned AAA-rated mortgage securities they thought were as safe as Treasury securities. That's what AAA means - or what they thought it meant. But since the rating agencies screwed up royally by not analyzing the securities properly - a whole other story - Citi et al. got whacked...