Please Anon use humor and derision like this guy !
Portuguese hackers responded to a negative assessment of the country's ability to repay loans by defacing the website of credit reference agency Moody's. The defacement restores the rating of the debt-crippled nation to the highest (A++) mark, while simultaneously attacking Moody's website security and business practices. One …
that wasn't a defacement -- that was only viewable on a specially crafted URL because the "defacement" was actually HTML on one of the GET variables that the page happened to render.
it's not even working anymore now, because they seem to have started doing some parsing of the said variable.
It was quite a funny hack/exploit/defacement I must say, those pesky US based ratings agencies will do anything to keep the green buck floating.
BTW, If you look at the USD/EUR exchange chats for the last mounts/year you will note this strange correlation between spikes of the EUR value and some "record" negative rating on some EUR country debt.
And how do they rate the US debt? AAA, can you believe that?
Beer? just because its Friday!
CDS holders nominally profit bigtime if any bond issuer the CDS is insurance for, defaults. So lots of financial orgs, e.g. hedge funds, have incentives to encourage sovereign default. Brilliant program on this on bbc radio 4 last tue, http://www.bbc.co.uk/iplayer/console/b0128q7z
incidentally the ratings agencies have bigtime bad karma for rating junk products aaa before lehmans.
Any one see the Keiser Report recently?
There were interesting observations that Spain could probably bring in about $20 million to $80 billion merely by putting el gordo on NASDAQ
But IMF and ECB (reportedly) might not be interested in that as its -ahem- -cough, cough- colleagues in finance might prefer to sell the multibillion profit making concern to an -ahem- -cough, cough- interested party and so resist any attempts to put el gordo on NASDAQ.
Preferring instead, to sell el gordo for a billion or so and besides the blood-lust frenzy in finance market means that Euro citizens must have a tough time ahead.
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