Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Italy Seeks Charges Against Rating Agencies for Downgrade of Italian Debt; Courts Go Nuts Again

IMG Auteur
Published : November 14th, 2012
302 words - Reading time : 0 - 1 minutes
( 1 vote, 1/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

 

 

 

 

I am still shaking my head over the insane verdict last month in which Six Italian Scientists Convicted because they failed to predict an earthquake.

Six scientists and a government official were sentenced to six years in prison for manslaughter by an Italian court on Monday for failing to give adequate warning of an earthquake that killed more than 300 people in L'Aquila in 2009.

The seven, all members of a body called the National Commission for the Forecast and Prevention of Major Risks, were accused of negligence and malpractice in evaluating the danger and keeping the central city informed of the risks.


This month Italy seeks trials over credit downgrades

Italian prosecutors have requested that five employees of Standard & Poor’s and two from Fitch be put on trial for alleged market manipulation connected to their downgrades of Italy’s credit rating.

The prosecutors contend the accused violated EU rules by releasing the downgrades when European markets were open and by not alerting the Italian government 12 hours before the decisions, dating back to earlier this year and last year, were made public. A judge must now decide whether to order a trial, a decision that could come in a few months.

These claims are entirely baseless and without any merit as our role is to publish independent opinions about creditworthiness according to our public and transparent methodologies, which we apply consistently around the world,” S&P said.

We will continue to perform our role without fear or favour of any investor, debt issuer or other external party and to defend our actions, our reputation and that of our people.”

I have no respect for the big three rating agencies, but this action is preposterous.

The word "insane" does not even begin to describe the prosecution (let alone conviction) of the earthquake scientists.


 

 

Data and Statistics for these countries : Italy | All
Gold and Silver Prices for these countries : Italy | All
<< Previous article
Rate : Average note :1 (1 vote)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Republicans Craft the Next Great Healthcare Failure
19:54J.
Peter Schiff's new nick name, The Nail Gun, 'cause he nailed it over and over again. Blam, blam, blam.... Every point, spot on. The last two...
Leaked Police Report: There Are 23 Muslim-Controlled “No Go Zones” ...
25 Junkevthorne1
I do not know how anyone could take an article like this seriously. It is garbage of the worst kind. 'Anonymous sources' 'unidentified leaks' - not...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
22 JunDavid C.2
Yes Mish, but bitcoin and the wealth and debt burdens of the world are fully backed by electrons which are very light. Unlike that 68 ft glob of m...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
23 JunDynoman0
Valuable potential is what's currently offered by digital currencies. It makes absolute sense to have a global digital economy based upon borderles...
Absent Without Leave
21 JunS W.
Bail ins for sure. It was agreed at the G20 in Brisbane. You are not really a share holder. You are an unsecured creditor to the bank a...
Absent Without Leave
19 JunJ.3
Perhaps all the international shenanigans are the smoke and mirrors intended to obfuscate the view of the looming financial catastrophe. When the ...
Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq D...
16 JunSam Maher
"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's si...
Things To Come
13 Junkevthorne3
If voting for 'parties' actually made a difference they would have not legalised it. Since 1914, it's been the supply of currency that has governed...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS