Krijgt @ Eurowin uit onverdachte hoek gelijk met althans één van zijn regelmatig herhaalde statements.........
Breaking news: Corruption and greed on Wall Street
August 19, 2011, 1:35 PM
OK, we all know it exists. No big shock there. Such human failings seem easier to take during the bull runs. But with the stock market reeling as it is now, stories like William Harrington’s glimpse behind Moody’s Investors Service’s closed doors are hard to stomach.
The former senior analyst submitted a revealing tell-all breakdown of life as a Moody’s employee to the SEC last week, complete with tales of coercion and conflict — which render Moody’s “useless at best and harmful at worst,” according to Henry Blodget at the Business Insider.
Blodget knows well of what he speaks. He is no stranger to shenanigans, considering his dalliance with securities fraud as an Internet analyst at Merrill Lynch during the dot-com bubble.
(voor de goede orde; GREED staat hier geheel buiten al is zijn winst van vandaag een mogelijke aanwijzing van voorkennis.
Essentially, Harrington says that Moody’s management has a history of strong-arming their analysts to do its bidding, seeking to please clients and keep the business flowing. If staffers don’t toe the line, he alleges, they face getting transferred, disciplined, harassed or even fired.