October 13, 2009

Credibility Varies


Mike Millard says, "Wall Street sociopaths who lied for years about the soundness of mortgage-backed securities and credit default swaps still escaped real censure." (MIKE MILIARD, "Lie of the land, Lying liars, and the end of accountability," Boston Phoenix, October 7, 2009) The New York and California Attorneys General are or have investigated the three ratings agencies that gave Triple A ratings to the credit default swaps.

Millard observes that "more and more people flock to sites like Factcheck, Politifact and Snopes to double- and triple-check what they're hearing." What if one or all three of the fact checking sites are no different than the three ratings agencies? Who decides who to believe?

http://thephoenix.com/Boston/Life/90984-Lie-of-the-land/

Lie of the land
Lying liars, and the end of accountability
By MIKE MILIARD
Boston Phoenix
October 7, 2009

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