S&P have likened their credit ratings to Top Gear Car-reviews and weather reports, saying they should only be used as a guide

S&P have likened their credit ratings to Top Gear Car-reviews and weather reports, saying they should only be used as a guide. The Case has been brought by Australian Councils who were burned during the GFC. Barrister Steven Finch said the councils had contributed to their own losses by not properly investigating the AAA-rated financial products they bought, comparing the purchase of complex financial instruments to buying a car after Top Gear gave it a good review. You cannot seriously say, and not be negligent to say, 'I'll order the car and it will be good because it is triple A rated'? Triple A what? Triple A does not mean anything. Judge Peter Jacobson scoffed at Mr Finch's analogy, saying it was more akin to a weather forecaster paid by a millionaire event-organiser who was being paid to organise a wedding and had come up with consistently sunny forecasts. (VIEW LINK)


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