AMBAC, MBIA , Moodys , S & P and ethics

How ethical is the ratings game played by the Moody’s and S & Ps , and the financial firms propping up each other with ratings game? Does AMBAC and MBIA warrant anything other than junk ratings? http://www.bloomberg.com/apps/news?pid=20601087&sid=a0tWb0sTTgu8&refer=home

Add this as well…there goes my faith in AAA - just good for battery sizes. http://www.nytimes.com/aponline/business/AP-SEC-Rating-Agencies.html?_r=1&oref=slogin

About as ethical as independent auditors and the opinion “game”? If MBIA were downgraded tomorrow, would they go into default or would their claims paying ability be affected?

I guess pokercfa didn’t read my other post about why people capitalize “AMBAC” for reasons unknown to me. What exactly do you think “AMBAC” stands for if you put it in all caps? I am still waiting for someone to discuss F.A.N.N.I.E. M.A.E. and F.R.E.D.D.Y. M.A.C.

S&P stated that they are going to implement, ‘‘27 specific steps in hopes of restoring confidence in the ratings process, and to address issues of relevance and transparency.’’ Does anyone know where I can get anything more detailed on these “27 steps”?