Comments on: More Money Funds Being Rescued http://www.nakedcapitalism.com/2007/12/more-money-funds-being-rescued.html Sun, 22 Nov 2009 00:33:30 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: doc http://www.nakedcapitalism.com/2007/12/more-money-funds-being-rescued.html#comment-2747 doc Fri, 28 Dec 2007 17:47:00 +0000 http://www.nakedcapitalism.com/2007/12/more-money-funds-being-rescued/#comment-2747 OT, kinda: <br/>NEW YORK (AP) -- The bond insurance industry, battered by fears of collapse, received some validation Friday as Warren Buffet's Berkshire Hathaway opened a business to guarantee municipal bonds.<br/>Though analysts said the move by Buffett provides a stamp of approval for the broader business model, which has recently come under fire, shares of Buffett's newest competitors were hammered in Friday morning trading.<br/><br/><br/>Seems like a conflict of interest there, when someone can invest in, and own a rating agency, or an accounting firm, or an auditor. This is why we have a massive accounting meltdown now IMHO, because these firms that are betting the farm have zero accountability and the regulation of the entire financial industry is out of control, which is why we have so many money markets needing to be bailed out.<br/><br/>My favorite saying is from Einstein: You cant solve a problem on the same level it was created....or something like that, the point being, the people that screwed this up, will not be the people to fix it!!<br/><br/>Does anyone think they have business models that were prepared for this?? OT, kinda:
NEW YORK (AP) — The bond insurance industry, battered by fears of collapse, received some validation Friday as Warren Buffet’s Berkshire Hathaway opened a business to guarantee municipal bonds.
Though analysts said the move by Buffett provides a stamp of approval for the broader business model, which has recently come under fire, shares of Buffett’s newest competitors were hammered in Friday morning trading.

Seems like a conflict of interest there, when someone can invest in, and own a rating agency, or an accounting firm, or an auditor. This is why we have a massive accounting meltdown now IMHO, because these firms that are betting the farm have zero accountability and the regulation of the entire financial industry is out of control, which is why we have so many money markets needing to be bailed out.

My favorite saying is from Einstein: You cant solve a problem on the same level it was created….or something like that, the point being, the people that screwed this up, will not be the people to fix it!!

Does anyone think they have business models that were prepared for this??

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