pay for a ratings agency or pay for your funeral

Europe has said it needs its own ratings agency. There is one
in Germany, and nobody has noticed it.
Also, one of the Big Corrupt Trio is mostly French,
but it stays in New York, where the bribery lucre is good.
Anyway, with Egan Jones, another agency,
now being chased out of the US, there need to be some more.
There's a Chinese one, too.
The complaints about the behaviour of ratings agencies
that I wrote above are usually from do-nothing politicians
who want to make it seems as if they care about controlling
the banks.
They don't. They want their next handout.
Handout money comes from the money the banks borrowed from
you and me, dontcha know?
They could very easily set up a regime where those
Big Three were not the
only assessments that had weight. But, they won't.

the zerohedge article below shows how, even on the internet,
insider sites are just repeating the "might is right" mantra
to show how Egan Jones is being shoved out because the US
government and the Big Three don't want any competition
from companies that do not accept bribes.

IshitUnot:  2 texts
1 Keep talking greece

First European Rating Agency on the Way

Posted by keeptalkinggreece in Economy

Standard & Poor’s, Moody’s and all the other kids, that is the American rating agencies are about to get a European rival. German corporate consulting firm Roland Berger developed a plan to challenge the dominance of American firms that have thrown quite some euro zone member countries into deep red by downgrading them and forcing them into the arms of bailout. However Roland Berger needs to raise a start-up capital of 300 million euro. Financial Times Deutschland expressed doubts on whether the European rating agency will manage to raise the necessary budget as there is allegedly lack of interest from the side of investors.

2 zerohedge
The Truth About Egan-Jones

Submitted by Tyler Durden on 04/27/2012 11:11 -0400

... but not from us: after all we are known for being biased, which in the mainstream media parlance means calling it like it is. No - instead we leave it to none other than Bloomberg's Jonathan Weil who does as good a job of being "biased" as we ever could: "Egan-Jones, which has been in business since 1992, could have continued operating as an independent publisher of ratings and analysis, not subject to government oversight or control. Instead it chose to play within the Big Three’s system, exposing itself to regulation and the whims of the SEC in exchange for the government’s imprimatur. Now it’s paying the price." And not only that: as the most recent example of Spain just shows, where Egan Jones downgraded Spain 9 days ago and was ignored, but well ahead of everyone else, only to be piggybacked by S&P, and the whole world flipping out, it has become clear: calling out reality, and the fools that populate it, is becoming not only a dangerous game, but increasingly more illegal. Then again - this is not the first time we have seen just this happen in broad daylight, with nobody daring to say anything about it. In fact, this phenomenon tends to be a rather traditional side-effect of every declining superpower. Such as the case is right now...