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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!

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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