Donald's de-grading lesson

Hong Kong''s financial secretary Donald Tsang''s New York visit to Moody''s and Standard & Poor''s shows how much power resides in the agencies.

There are some professions that really get all the flak. Who would want to be a traffic warden, a physics teacher or even a South American soccer referee All you get is abuse. No one understands your decisions. And no one values your contribution to society.

Into this category of Professions People Abuse, I will add that of working for a rating agency. Rating agencies provide an essential service for the smooth flow of information on the capital markets. However, no one claims to understand their decision-making process, no one likes them, and everyone has a story moaning about what the rating agencies have done.

But rating agencies are a fact of life...

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