Ex-City boy Cable has more explaining to do
Tuesday 26 February 2013
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EmailIn your editorial (M Star February 25) Vince Cable is quoted as describing credit ratings agencies as a "small cabal … which should never again be taken too seriously after their role during the 2008 financial debacle."
The editorial goes on to correscate Cable, correctly in my view, for keeping his views to himself until now.
However a more robust response is required from Mr Cable, given his past as a City figure who clearly knows more than he has so far indicated.
Mr Cable should be encouraged to expand on the reason for the sudden rise of credit ratings agencies, which continue to wield massive clout and impact on everyday life for the rest of us.
If, as seems likely, such agencies are merely guides as to where those who have made their millions out of austerity can make the fastest buck, this would be quite in keeping with those US corporations that were keen to, and in cases such as IBM actually did, deal with the Third Reich.
As with the Israeli-Palestinian situation, it seems the second world war won't quite go away.
John Baker
Sheffield
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