Los Angeles City Officials Quit S&P Rating Service After Bond Downgrade (Payback's a Bitch)
City Hall dumps S&P.
The city of L.A. booted its bond-rating service after S&P gave us another downgrade recently. Its one of three cities that have done so in the wake of S&P giving even the old United States of America a downgrade.
L.A. chief investment officer Thomas Suarez told TBB:
Quite frankly, we just don't want to be associated with [Standard & Poor's] anymore based on that decision. We think it was irresponsible and just excessive.
L.A. was taken from AAAf to AAf last week, about the time the U.S. was downgraded from AA-plus from AAA.
Anaheim Ducks v. San Jose Sharks
TicketsFri., Dec. 9, 7:00pm
Los Angeles Lakers v Phoenix Suns - Verified Resale Tickets
TicketsFri., Dec. 9, 7:30pm
UCLA Bruins Men's Basketball vs. University of Michigan Men's Basketball
TicketsSat., Dec. 10, 5:00pm
Los Angeles D-Fenders vs. Austin Spurs
TicketsSat., Dec. 10, 6:30pm
That wouldn't be so bad, but S&P was one of the rating agencies that stood by with top grades as Wall Street invested in junk real estate loans and related "tools." (And "tool" is a key word here).
And you know where that got us: Great Recession. (It lives).
Payback's a bitch, even on Wall Street.
Get the ICYMI: Today's Top Stories Newsletter
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Los Angeles, delivered to your inbox Monday through Friday.