Nick Paumgarten, New Yorker
It’s rich that Standard & Poor’s would lower the boom on the United States government. There are many people in the financial industry and elsewhere who were surprised that the government didn’t put S. & P. and the other ratings agencies out of business after the meltdown of 2008, for their infamous role in polishing all those mortgage-backed turds. Whether because of incompetence or some kind of subornation (we’ll sign off on your turkeys if you give us more turkeys to sign off on), the ratings agencies bestowed AAA ratings on bundles...
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