“ PUFFERING BLOATED IDIOTS OR PUFF THE MAGIC DRAGON? Puffery Is A Legal Term That Refers To Promotional And Statements And claims That Express Subjective Rather Than Objective So No Reasonable Person Would Take The Statement Litalary In The United States The Federal Trades Commission Generally Would Not Pursue Such Cases Involving Obviously Exaggerated Or Puffing Representations An Example Of Such Puffery ‘The Finest Fried Chicken In The World’ For Example Or From The World Of Politics, ‘I Think I Am A Pretty Straight Up Sort Of Guy’ From Banking ‘You’re Money Is Safe With Us,’ From A Auditor ‘We Didn’t See Anything Wrong Here.’ Or Finally From A Rating Agency This CR..Bleep!!..P Is Triple ‘A’ To Explain More On This We Go To STACY HERBERT, STACY. Stacy: Well MAX, One Of These Rating Agencies Of Course Is S&P Standards And Poor’s, And, Bloomberg: S&P Raises Puffery Defence Against U.S. Sued NEW YORK-Based S&P On Feb.4, Alleging It’s Credit Ratings For Residential Mortgaged-Backed Securities And Collateralized-Debt Obligations That Included Those… Securities’, Contrary To What The Company Told Investors, Were Based On A Desire To Win Business From Issuers Of The Securities More Than On The Credit Risk Of The Investors. Stacy: So This Is On 4 Trillion Dollars’ Worth Of C.D.O’s And Residential Mortgage Backed Securities That The Government Are Suing S&P And They’re Saying Well We Just Made Vague Statements About The Quality Of These Collateralized Debt Obligations And Such, And We Didn’t Actually Mean Any Of It To Be Used As Investment Advice. Max: Well I Think This Is A Fascinating Development Because It Proves Something I’ve Been Saying For A Long Time Now And It Has To Do With The Theatrical Aspect Of Market That Is All Theatre And When You Talk About S&P Or MOODY’s And Their Ratings It Would Be Like A Critic Of A NEW YORK TIMES Or For The SLATE Magazine Or Some Other Critic To Review A Show And They Say Oh! It’s A Boffo Show… ERrr! In Other Words That’s What Rating Agencies Doing, They Are Giving Some Kind Of A Rating… As A Aesthetic That They Like The Paper That It Was Printed On They Thought That The Executive Gave A Good Performance You Know Acting Responsible But Has Nothing To Do With The Underlying Security Of The Security And When They See That It Has Actually Got Nothing To Do With The Ratings In Terms Of The Viability As Investments That’s Not What They’re In Business For They’re In The Business Of Applying Some Kind Of Theatrical Rating That People Either Applaud Or Boo! It Has To Do With Theatre Of Markets, The Price Is The, Is The Theatre Of Markets The Price PROPAGANDA… It’s Completely Subjective Anyone Who Thinks That It’s Objective That’s There Is A Iron Clad Price That Means Something, Is A IDIOT They’re Gonna Be Sucked Into The More Of This Queasenelle Of Fraud.”~*~ This Write Up Was Done By Blackhole Bridger, And Is Just But of A Fraction Of The Mins 25:45 Secs Broadcast Bringing You Easy To Understand Up To Speed Financial News With Your Hosts STACY HERBERT And MAX KEISER, MAX Is Also Talking With YANIS VAROUFAKIS About The Latest On The GREEK Bailout SAGA. To Get Into The Financial Know Click Below For The Full MAX KEISER SHOW. youtu.be/XjxG3xWt-to
Posted on: Fri, 12 Jul 2013 13:25:02 +0000
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