From Bloomberg:

A U.S. Securities and Exchange Commission investigation into credit-rating companies found the firms improperly managed conflicts of interest and violated internal procedures in granting top rankings to mortgage bonds.

If you’re game for a laugh, I’d like you – in reading the following quotes – to imagine the words “tax-payers’ cash” wherever you see the words “government” or “central bank”.  Better still, imagine they spell out the words “your savings” instead. Here’s goes…