Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


From Eric Kolchinsky, a former analyst at Moody’s, a ratings agency, on why he’s testifying before Congress today about abuses of the ratings process:

I was part of the process that did all this damage, and I feel I should try to do something now to make sure it doesn’t happen again.

That’s refreshing.  If you read the linked story, Kolchinsky basically says that it’s business as usual at Moody’s: they’re giving high ratings to insanely complex debt instruments even when they know the underlying assets aren’t really in very good shape.  It’s yet another data point suggesting that Wall Street is already piling back into all the same practices that caused last year’s meltdown.  And why not?  Unlike Kolchinsky, none of these guys really seem to believe they did anything wrong in the first place.  Hooray for bailouts!

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate