Barely Contained Outrage

Engelen, Klaus C.
September 2008
International Economy;Fall2008, Vol. 22 Issue 4, p21
Academic Journal
The article focuses on the reactions from various European countries regarding the financial crisis that originated in the U.S. The issue most upsetting to Europeans is American rating power and the misleading high ratings that the rating duopoly of Moody's and Standard & Poor's gave to what eventually turned to be toxic waste in bank balance sheets and investor portfolios. There is also anger at those bankers and officials in Europe who helped bring the financial meltdown to their side of the Atlantic by looking for higher yields through off-balance-sheet special purpose vehicles such as SIVs and conduits investing in complex securitized instruments. INSETS: A Lafontaine Valentine;The Dangers of "Regulatory Capture";Sarkozy, Steinbrück, and Brown: The Three...;The Best Regulators Money Could Buy


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