A few days ago Rolling Stone published a damning piece by Matt Taibbi outlining just how laughably corrupt America’s credit ratings agencies are.
Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, documents that for the most part have never been seen by the general public, we now know that the nation’s two top ratings companies, Moody’s and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash.
In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked.
Well last night the Daily Show had some fun with this, including a hilarious but sad segment on the differences between America and Canada when it comes to banks, bankers, the banking industry and how they’re regulated in each country. Watch the two segments below and prepare yourself to feel the urge to move to Canada.
Here’s part one…
And here’s part two…