According to Congressional testimony by officials from Moody's and Standard and Poor's, conflicts of interest were responsible for these credit rating agencies failing to accurately rate mortgage-backed securities. Although the information is not new, these admissions continue the narrative of corporate malfeasance and its role in the economic crisis.
Hedge funds (semi-secret financial organizations with trillions in investments, yet almost no oversight) are facing massive losses and possible bankruptcies. Although the effect of these future losses is presently unknown to the public, it is known that retirement plans have significant investments in them.
Responding to the working-class sentiment of this crisis, Rod Starz and G1 (part of the group Rebel Diaz) do their rap "A Trillion."
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