BHL sur… the rating agencies | FT Alphaville

BHL sur… the rating agencies

Some are phlegmatic about a downgrade of France’s AAA credit rating:

La possible perte par la France de son triple A vous inquiète-t-elle?

Ce ne serait pas une bonne nouvelle bien sûr, mais ce ne serait pas non plus un cataclysme…

Some… are not. Bernard-Henri Lévy, writing for The Daily Beast:

We know there are often “juniors” at the heart of the three holiest of the holy who share the world ratings market. They are more often than not kids who are the twin brothers of the fabulous traders who led Wall Street to the abyss. You notice, when happenstance leads you to cross their respective paths, that some of them fit the profile of the overworked cocaine freaks of early Brett Easton Ellis novels…


I said, the “the world-ratings market.” Because what we do know, on the other hand, is that these organizations that are granted the power of life and death (much like Rome’s emperors over the games of the circus) over the modern gladiators, the firms and states grappling with the Moloch Finance, are first of all business enterprises…

[Etc., Etc.]

I would add that, if the agencies are mistaken, if they drive Greece towards crime or, heady with their own power, mistakenly downgrade this or that other European country, there is no authority, no civil or even moral jurisdiction to whom they are compelled to answer…

[Etc., Etc., Etc.]

Related link:
BHL sur la crise – FT Alphaville