Word: systemic
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...pays for ratings, though, isn't the entire issue. In a speech in early April, Goldman Sachs CEO Lloyd Blankfein put his finger on another deeply flawed part of the system: "Too many financial institutions and investors simply outsourced their risk management," he said. "Rather than undertake their own analysis, they relied on the rating agencies." In other words, the problem is not just the ratings agencies, but the way investors - from Wall Street firms to university endowments - have become mindlessly dependent on them. That is harder...
...true that some of these so-called “Cold War” systems were originally designed to be used against adversaries who were roughly equivalent to the U.S. in military ability. But most of the systems are still enormously valuable in current conflicts. The search-and-rescue helicopter and communications satellite programs are clearly useful even in peacetime; missile defense as it now exists is a system that is only effective against erratic, small actors such as North Korea, which just launched another missile; and cargo planes are desperately needed to support the wars and humanitarian efforts...
...Cellini, of Springfield, is accused of trying to shake down the Teachers' Retirement System and other firms for campaign funds for Blagojevich, and also of trying to extort one of the producers of the Clint Eastwood film Million Dollar Baby. He has been under indictment since October, the 13th person charged in the ongoing Illinois pay-to-play scandal that prosecutors said traces back to even before Blagojevich became governor. Cellini has denied any wrongdoing. (Read "The Fall of the House of Blagojevich...
...original version of this article misstated that William Cellini is accused of trying to shake down the Teachers' Retirement System and other firms for $1.5 million in campaign funds for Blagojevich. No specific dollar figure is cited in the indictment against Cellini...
...earmark requested by Kentucky Senator Mitch McConnell: "...to complete a monitoring system that will collect real-time weather observations through a statewide grid of stations in Kentucky. Apparently the Weather Channel is not sufficient...