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Scharinger: „Rating Agencies Are Instruments of Torture“
People ♦
Published: January 24, 2012; 17:42 ♦ (Vindobona)
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The leaving CEO of RLB Upper Austria, Ludwig Scharinger, is convinced that Europe needs must make itself more competitive against the U.S. financial industry.
Scharinger: „Rating Agencies Are Instruments of Torture“ / Picture: © Vindobona.org
In an interview in the Austrian newspaper “Kurier”, Scharinger criticizes the U.S. banking system. For him, rating agencies are not objective at all. Parameters are nontransparent and not trustworthy, Scharinger states. Markets would not be ready anymore to follow rating agencies anymore, unless they disclose their parameters. “Markets are more intelligent than rating agencies,…
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