http://www.crikey.com.au/2009/01/16/nsw-says-bye-bye-to-triple-a-rating-obsession/ now with extra source Sun, 12 Feb 2012 02:48:10 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.crikey.com.au/2009/01/16/nsw-says-bye-bye-to-triple-a-rating-obsession/#comment-9004 Peter Lublin Thu, 01 Jan 1970 10:00:00 +0000 #comment-9004 My heartiest congratulations on further shafting the Ratings Agencies and their part in the sub-prime derivatives scandal. There has been a dearth of publicity on their reprehensible role in this, let alone any suggestion of compensatory action.<br />Apart from the editorial, I am aware only of my own bleatings on the subject and Paul Keating's (only reported) utterance.<br />A class action called for? My heartiest congratulations on further shafting the Ratings Agencies and their part in the sub-prime derivatives scandal. There has been a dearth of publicity on their reprehensible role in this, let alone any suggestion of compensatory action.
Apart from the editorial, I am aware only of my own bleatings on the subject and Paul Keating’s (only reported) utterance.
A class action called for?

]]> http://www.crikey.com.au/2009/01/16/nsw-says-bye-bye-to-triple-a-rating-obsession/#comment-9005 Ailie Bruins Thu, 01 Jan 1970 10:00:00 +0000 #comment-9005 I recall that Treasurer Costa initially lambasted NSW local governments for their irresponsible and risky 'investments' and ordered an audit of all NSW Councils. Genia McCafferty (President of the Local Government and Shires Association) then informed the Treasurer Costa that all these 'investments' had received the Minister for Local Government's approval. The audit was then downgraded to a 'review with recommendations' resulting in the Cole Report. The information from my council in Hornsby, about how its very large investment portfolio is 'performing' is very difficult to fathom. Nevertheless, Michael Cole's report gave Hornsby Council investments a big tick, but somehow this does not reassure me. I recall that Treasurer Costa initially lambasted NSW local governments for their irresponsible and risky ‘investments’ and ordered an audit of all NSW Councils. Genia McCafferty (President of the Local Government and Shires Association) then informed the Treasurer Costa that all these ‘investments’ had received the Minister for Local Government’s approval. The audit was then downgraded to a ‘review with recommendations’ resulting in the Cole Report. The information from my council in Hornsby, about how its very large investment portfolio is ‘performing’ is very difficult to fathom. Nevertheless, Michael Cole’s report gave Hornsby Council investments a big tick, but somehow this does not reassure me.

]]>