Tuesday, February 17, 2009

Me and Listservs

Me trying to find listervs was kind of difficult, because the listservs that I searched for was not related to my topic. Most of the listservs that I had came across were mostly school or college oriented or they had dealt with medical or war information. One of the listserv that I had subscribed to was a government listserv that focuses on the activities or situations that impact the government. The listserv also sends me information like current events such as the plain crash that occurred a few days ago, the new stimulus bill that was signed by our new president Obama, and

I did happen to gather some information that might relate to my topic. Here's what I had found:

Dear IRE and IRE Plus. I'm getting sick of defending the SEC. My defense has been based on how wonderful they prepare for, and execute, cases in court. Are they almost completely incapable of defending themselves? Why have they not been jumping up and down in congressional and public statements about how the financial ratings companies were filing false ratings? Why have there been no indictments of anyone in the financial ratings mob? Does the SEC understand that mischievous and devious attorneys can use ratings to support really bad actions by their clients?
Finally, where are the journalistic ethics in publishing incredibly misleading and false press releases? We need to see discussion about the ethics of publishing misleading financial data while making thousands of dollars publishing foreclosure notices. And the foreclosures are increasing here.
Is anyone on the list examining SEC failure to investigate the financial ratings companies? Is anyone investigating or setting up a database of the ratings companies and they ratings they gave to Freddie Mac, et al?
Dwight Hines
IndyMedia
St. Augustine, Florida
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Dear SEC Enforcement:Look, we're on a one-legged economic stool here in St. Augustine, Florida, and see the problems that the Financial Ratings Companies are still contributing to our suffering economy. Look, everyone is going to continue to attack the SEC until you point out loudly and specifically how the ratings companies made bundles of money from lying about the financial stability of the companies. Where has Fitch been for the past three years and why have they not been investigated, along with the other financial ratings organizations?Yes, The St. Augustine Record today, February 11, 2009, page 11A, printed a press release from Fitch, or a press release the City of St. Augustine wrote, stating that the City was given high marks by Fitch of New York for "its strong financial operations." Oh my, is this the same ratings firm that said nothing bad about Freddie and Fannie Mack -- and not a bad word about any other bank or investment company or insurance company that was running on fumes for years? Yes, indeedy, and such statements like were quoted in the newspaper " a narrow economy based on tourism." is not considered a liability. If you haven't noticed, tourism is down in St. Augustine, and going downer.I'm no longer surprised to hear that the St. Augustine Record (owned by Morris Communications) is in bankruptcy. You'd think that whoever is responsible for putting news releases in the news section would also be reading the front pages for the past year.I understand that media can not suffer for publishing such misleading information as this press release, but isn't there a moral obligation to tell the readers about the incomplete and thus bogus nature of the press release?What I want to know is when Treasury and SEC are going to get a handle on these ratings companies that helped in big ways to get us into the current financial mess we're in now.

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