Let's pretend that the home team at baseball games had to pay the umpires.
(pay-outs occur after each inning). would it not become soon apparent that favorable calls
towards the home team would benefit the umpires?
the home team are the investment banks.
the umpires are the rating agencys
(and you and i sit and watch from the grandstands)
standard & poors issued AAA ratings to the very credit default swaps that put us between this rock
and a hard place.
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