torsdag 18 augusti 2011

Los Angeles City Officials Quit S&P Rating Service After Bond Downgrade (Payback's a Bitch)

The city of L.A. booted its bond-rating service after S&P gave us another downgrade recently. Its one of three cities that have done so in the wake of S&P giving even the old United States of America a downgrade.

The Bond Buyer broke the news today. L.A. has $7 billion worth of debt that's rated by S&P. (Added: Oops. Rick Orlov at the Daily News had this light years ago).

L.A. chief investment officer Thomas Suarez told TBB:

Quite frankly, we just don't want to be associated with [Standard & Poor's] anymore based on that decision. We think it was irresponsible and just excessive.

As a matter of fact these Rating Institute people should have been behind bars a long, long time ago..

S&P downgrades the US for the first time in history.

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