JUNK STATUS

The credit rating agency Moody's has downgraded 16 Spanish banks after an alleged run on Bankia, Spain’s fourth largest bank, and worry about the Spanish government’s ability to shore up their banking system. But wait, is this not the same Moody’s that rated the US junk investments, based on sub-prime mortgages as AAA?  Who is watching the watchers, who is rating the rating agencies.  Who gave these undemocratic, secretive, organisations all this power?  Rating CCC , I think.