by Karl Denninger
Oh, so-called independent ratings agencies eh?
Just like the so-called “independent and wise” regulator called the OCC?
Or the so-called “independent, unbiased” auditor KPMG that passed on SVB’s books just shortly before they blew up?
I’ll be fair on the latter — their job is to verify that what was presented is true; that is, there’s no indication of fraud. That doesn’t mean what they looked at doesn’t smell like crap, provided the crap is disclosed accurately in the financials presented. So far nobody has said it wasn’t.