Plain stupid or shameless… have a pick

Sir on your front page in “Moody’s admits to failings over crisis”, April 24, Stephanie Kirchgaessner and Kevin Seiff report that “The chief executive of Moody’s admitted to a Senate panel yesterday that the US credit rating agencies failed to anticipate the severe deterioration in the US housing market that led to the financial crisis”.

If Raymond McDaniel does not know what role the AAA ratings had in creating the worst part of the bubble in the US housing market and which had to explode, then he is plain stupid, but, if he is not that stupid, then he is just shameless… Have a pick!

Undue influence?

Sir amazed I read on FT’s front page “”Bankers influenced rating agencies… unduly” April 23. I ask, did not the regulators unduly influence banks and investors to give undue weight to many unduly prepared opinions of the credit rating agencies? Is not overselling one’s product something perfectly normal? Why would the credit rating agencies’ opinions be more covered by the 1st Amendment’s freedom of expression rights than the opinions of the bankers?

Don’t fight it… accept it… on the subject of the hundreds of letter I have sent you denouncing the very subprime bank regulations that were concocted by the Basel Committee and which that caused this crisis… you have let yourself to be unduly influenced by the undue opinions to withhold from the general public my very correct opinions by some of your own opinionated writers.