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
In the same category

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 :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
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Gold Daily and Silver Weekly Cha...
20:08glasstiger
Jesse, you use the term "could care less" frequently. Is this American speak for "couldn't care less"? Similar I suppose to the ubiquitou...
One more book, Mr. Stockman
11:02user4779-1
While it is true that "[Gold standards] were abused, suspended, and ultimately abandoned in favor of a currency that central banks could inflate at...
Panicked Hedge Funds Now Praying...
30 Junovertheedge
"... and the silly game theory ..." Obviously you have no knowledge of game theory and its applications. Otherwise you wouldn't have used ...
The Gold Standard: Generator & P...
30 Junuser4779
Is it really so bad for Americans that they do not spend their lives labouring on a production line to make mass-produced goods, and have left this...
The Gold Standard: Generator & P...
30 Junsam_site
You state, “To continue selling to the West, China will have to open wide its doors to imports” Here’s the crux of your argument of why Chin...
The euro crisis
30 Junovertheedge1
"There is no immediate benefit from debating why." Debate? That would be like debating whether or not gravity exists. You stated the obvio...
The Ultimate Confirmation
29 Junovertheedge
It would appear that we share the same conclusion. A few sealed cans of kerosene might be handy as well. Thumbs up sir.
The Ultimate Confirmation
29 JunS W.1
My main sentiment here is why swap dollars for gold or silver only to sell at some later date for more dollars when that same paper is continually ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Helix(Ag-Au-Co)HLX.AX
R & D Tax Rebate Received
AU$ 0.04+28.57%Trend Power :
Corporate news
HannansHR9.BE
Sale of Exploration Database
€UR 0.00+0.00%Trend Power :
Corporate news
Arch Coal(Au-Coal-Cu)ACI
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces an Investigation Involving Possible Violations Concerning Arch Coal, Inc.’s 401 (k) Plan-- ACI
US$ 0.33-2.94%Trend Power :
Corporate news
Mindoro Res.(Cu-Ni-Zn)MIO.V
Mindoro Announces That Bridge Loan from TVI Resource Development, Phils. Inc. has Not Been Extended
CA$ 0.01+0.00%Trend Power :
Corporate news
Bannerman(Ur)BMN.AX
Change of Director's Interest Notice - L Jubber
AU$ 0.05+4.08%Trend Power :
Corporate news
Peabody(Coal)BTU
Mid-Day Market Update: Chubb Surges Following Announcement of Acquisition by Ace; Ballard Power Shares Decline
US$ 1.78-18.72%Trend Power :
Corporate news
Peabody(Coal)BTU
Mid-Morning Market Update: Markets Open Higher; Constellation Brands Q1 Profit Tops Views
US$ 1.78-18.72%Trend Power :
Corporate news
Asian Mineral Res.(Co-Ni-Cu)ASN.V
Asian Mineral Resources Announces Appointment of Director
CA$ 0.05+0.00%Trend Power :
Corporate news
AlstomALO.PA
Alstom’s Citadis Dualis enters service on the Nantes-Clisson line
€UR 25.73+1.10%Trend Power :
Corporate news
Range Res.RRS.AX
Why Range Resources (RRC) Could Be Positioned for a Slump - Tale of the Tape
AU$ 0.02+0.00%Trend Power :
Corporate news
Comments closed