BIG BANKS WIN - No Changes. Big Banks wrote the banking bill - BANKS WIN

Another stunner from Matt Taibbi, and kudos to Rolling Stone for continuing to support his work. Just make sure to take your blood pressure medicine before you read it. It's long, but worth it:

Lord help our fucking scam . . . this has to be the stupidest place I have worked at," writes one Standard & Poor's executive. "As you know, I had difficulties explaining 'HOW' we got to those numbers since there is no science behind it," confesses a high-ranking S&P analyst. "If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value," complains another senior S&P man. "Let's hope we are all wealthy and retired by the time this house of card[s] falters," ruminates one more.

Yeah, you know who that Standard & Poor's exec is? A guy named Elwyn Wong, who's now working for the U.S. Office of the Comptroller Currency, our top federal banking regulator.


http://crooksandliars.com/susie-madrak/last-mystery-financial-crisis