OP-ED COLUMNIST
Credibility, Chutzpah And Debt
By PAUL KRUGMAN
Published: August 7, 2011
"...Nor did the bad judgment stop there. Notoriously, S.& P. gave Lehman Brothers, whose collapse triggered a global panic, an A rating right up to the month of its demise...
...Wait, it gets better. Before downgrading U.S. debt, S.& P. sent a preliminary draft of its press release to the U.S. Treasury. Officials there quickly spotted a $2 trillion error in S.& P.’s calculations...."
John Nichols of The Nation says:
"... S&P is part of the problem, not the solution...."
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