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(LA Times)   Tired of those pesky "rating agencies" shining the light on the truthfully shiatty economy? Just muzzle them with a "consumer agency"   (latimes.com) divider line 24
    More: Obvious, Richard Cordray, consumer credits, Dodd-Frank Wall Street Reform and Consumer Protection Act, consumer finance, consumer agency, credit bureaus, TransUnion, credit risks  
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1531 clicks; posted to Business » on 16 Jul 2012 at 10:01 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



24 Comments   (+0 »)
   
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2012-07-16 10:05:59 AM
Won't someone think of the ratings agencies?
 
2012-07-16 10:06:49 AM
Regulation is "muzzling" them? What the f*ck drugs are you on, subby? Can I have some?

How soon we forget what a critical part these assholes played in the "all is well" financial landscape of mortage-backed debt and financial products.

Go f*ck yourself, subby. Go right ahead and do that.
 
2012-07-16 10:08:44 AM
What light? They just started shiatting on everything because the financial crisis shone a light on them. They're building their illegitimate cred the old-fashioned film critic way -- hate everything. Not that a lot of places aren't in bad shape, but they're like the last guy who noticed the Emperor has no clothes. He may be right, but the opinion isn't particularly valuable.
 
2012-07-16 10:13:01 AM
These rating agencies had no trouble at all giving the best possible rating to toxic stuff that they knew was worthless, they had no trouble helping Greece cover up its problem until they became to big to ignore, they were the very people who helped drive the world economy nearly to the brink and ended up getting richer in the process.

My heart bleeds for them and their selfless struggle to unbiasedly report the truth.
 
2012-07-16 10:14:54 AM

NewportBarGuy: Regulation is "muzzling" them? What the f*ck drugs are you on, subby? Can I have some?

How soon we forget what a critical part these assholes played in the "all is well" financial landscape of mortage-backed debt and financial products.

Go f*ck yourself, subby. Go right ahead and do that.


Give subby a break. Things haven't been going so well since he accidentally got some septic tank cleaner in his ear.
 
2012-07-16 10:21:44 AM
Yup. It worked well for MF Global and PFGBest. They govt found out about that right away.
 
2012-07-16 10:24:48 AM

BalugaJoe: Yup. It worked well for MF Global and PFGBest. They govt found out about that right away.


You leave P.F. Changs ALONE.
 
2012-07-16 10:29:04 AM
Did subby confuse what Experian/TransUnion/Equifax does with what Moody's/Fitch/S&P does?

Or did I just get trolled.
 
2012-07-16 10:38:04 AM

Rapmaster2000: Did subby confuse what Experian/TransUnion/Equifax does with what Moody's/Fitch/S&P does?

Or did I just get trolled.


Forget it Rapmaster, it's Derptown
 
2012-07-16 10:39:23 AM
Am I reading a different article, because this one is about consumer credit reporting agencies (Experian, Equifax, Transunion), not commercial ratings agencies (Moodies, Fitch, S&P). The only thing the consumer agencies are shining a light on is your shiatty credit score.
 
2012-07-16 10:44:28 AM

Fish in a Barrel: Am I reading a different article, because this one is about consumer credit reporting agencies


Ha! that's what I get for not reading the f*cking article.

Way to go, subby! You got me and you're an idiot. Woo hoo!
 
2012-07-16 11:07:44 AM
FTA The Consumer Financial Protection Bureau said it would begin this fall to supervise the 30 largest credit reporting companies, which account for 94% of the market's annual receipts.

In other news, there are 30 of them. Am I the only one that didn't know that?
 
2012-07-16 11:29:21 AM

NewportBarGuy: Regulation is "muzzling" them? What the f*ck drugs are you on, subby? Can I have some?

How soon we forget what a critical part these assholes played in the "all is well" financial landscape of mortage-backed debt and financial products.

Go f*ck yourself, subby. Go right ahead and do that.


The CFPB is probably the best and most important thing to happen to American consumers since Glass-Steagal. It is in a real and menaingful way trying to improve the honesty and tranparency of the home loan process. keep people that rely on pre-paid debit cards and money wires instead of bank accounts to keep from being raped by service providers, requiring credit card companies and banks to stop creating hidden fees and dishonest accounting practices to screw a few more dollars out of their customers, etc etc

So of course the financial industry and their Republican allies in Congress want to either burn it to the ground or render it toothless.
 
2012-07-16 11:44:36 AM
I'm okay with this. Oversight isn't generally a horrible thing and in this case I think it's a good use of taxpayer money.
 
2012-07-16 11:46:41 AM
Wow. Submitter is pants-on-head retarded.

The rating agencies helped crash the economy by slapping AAA stickers on every turd that landed on their desks.
 
2012-07-16 11:54:21 AM

Wendy's Chili: Wow. Submitter is pants-on-head retarded.

The rating agencies helped crash the economy by slapping AAA stickers on every turd that landed on their desks.


Hey, a turd may be a turd, and bucket of turds may be a bucketload of turds... but a ocean liner filled with shipping containers fulls of turds... that's brown gold son...
 
2012-07-16 11:57:25 AM

Rapmaster2000: Did subby confuse what Experian/TransUnion/Equifax does with what Moody's/Fitch/S&P does?

Or did I just get trolled.


Doesn't seem that subby is the only one not to RTFA.


///Trololololo
//Not subby
 
2012-07-16 12:57:40 PM
Won't do any good while companies are still allowed to insert clauses into contracts that allow them to change the terms at any time and leave the consumer on the hook for any fees or penalties. Or while companies are allowed to report arbitrary debt amounts against a consumer that require costly legal action on the part of the consumer to dispute. The problem won't be fixed until corporate rights give way to consumer rights.
 
2012-07-16 01:45:57 PM

StrangeQ: Won't do any good while companies are still allowed to insert clauses into contracts that allow them to change the terms at any time and leave the consumer on the hook for any fees or penalties. Or while companies are allowed to report arbitrary debt amounts against a consumer that require costly legal action on the part of the consumer to dispute. The problem won't be fixed until corporate rights give way to consumer rights.


And that is precisely what the CFPB is trying to change. Seriously, go to their website, or the federal register and see the kind of regulations they are thinking about. It'll make you have a glimmer of hope that Corporations don;t own EVERYTHING just yet
 
2012-07-16 01:55:54 PM
This:

Rapmaster2000: Did subby confuse what Experian/TransUnion/Equifax does with what Moody's/Fitch/S&P does?

Or did I just get trolled.


And this:

Fish in a Barrel: Am I reading a different article, because this one is about consumer credit reporting agencies (Experian, Equifax, Transunion), not commercial ratings agencies (Moodies, Fitch, S&P). The only thing the consumer agencies are shining a light on is your shiatty credit score.


Submittard is confusing CRAs (which maintain consumer credit reports - i.e., information on consumers' indebtedness and creditworthinesss) with the commercial ratings agencies (which rate bond / debt offerings by businesses, governments, etc.). The CFPB is going to make sure that consumers don't get saddled with false information on their credit reports, which would adversely impact their ability to obtain mortgages, credit cards and other loans. This has nothing to do with rating bond or debt offerings by businesses and governments.
 
2012-07-16 02:54:16 PM
+1 trollmitter. no half-intelligent person could honestly believe that.

/Richard Cordray is what Kenneth from 30 Rock will look like in 20 years
 
2012-07-16 03:40:52 PM
The ratings agencies are complicit in the banking fraud.

Free the potheads to make room for the bankers.
 
2012-07-16 04:53:37 PM

Fish in a Barrel: Am I reading a different article, because this one is about consumer credit reporting agencies (Experian, Equifax, Transunion), not commercial ratings agencies (Moodies, Fitch, S&P).


Huh. I'd congratulate subby for trolling, except the CRAs are never referred to as rating agencies. Yes they hand out credit ratings, but while technically accurate the distinction is probably deliberate to avoid just this confusion.
 
2012-07-17 06:29:58 AM

born_yesterday: NewportBarGuy: Regulation is "muzzling" them? What the f*ck drugs are you on, subby? Can I have some?

How soon we forget what a critical part these assholes played in the "all is well" financial landscape of mortage-backed debt and financial products.

Go f*ck yourself, subby. Go right ahead and do that.

Give subby a break. Things haven't been going so well since he accidentally got some septic tank cleaner in his ear.


no no no. once had a back-up in the basement, not enjoying the poo water memories.
 
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