Correction: The photo caption mistakenly said: "William J. Harrington." Thank you to Kathleen Robin Hart for pointing that out.
A former senior analyst at Moody's has gone public with his story of how one of the country's most important rating agencies is corrupted to the core.
The analyst, William J. Harrington, worked for Moody's for 11 years, from 1999 until his resignation last year.
Well, we learned a long time ago that the ratings agencies were thusly corrupt. What's been done about it? Nothing.
Supposedly, according to the free-market types, agencies that do a bad job of rating will lose business and will therefore strive to do a proper ratings-job. However, the truth is that even though the whole marketplace knows the agencies are still corrupt, those agencies are reportedly still playing the exact same games. In other words, vaunted capitalism is dependent upon honesty unless one is smart enough to realize that the self-centeredness inherent in capitalism doesn't allow honesty to even be born in the first place.
Just look at all the Libertarians running all over the Internet writing and saying here and there that socialism has never worked while at the same time they are whining about China's socialist enterprises being too good for those Libertarians to compete against. Oh, the unfairness of it all.
Enterprises owned by a government must not be allowed because they never work, or is it because they work too well. Well, after the capitalists make war on them, they don't work so well. Perhaps capitalism is due to lose a final war though — the war of righteousness (unselfishness) for hearts and minds.
I'm not suggesting that China's form of socialism will ultimately prevail though. In fact, I know it won't.