Two of the more interesting guys at the Wired Conference Jesper Andersen and Toby Segaran, who want to open up Bond ratings as Open Source data sources to replace S&P, Moody’s and Fitch. Their budding project is called Freerisk.org:
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While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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June 18th, 2009 at 10:47 am
[...] Better Solution: Take apart the ratings oligopoly! Eliminate the Pay for Play/Payola structure. Strip Moody’s S&P and Fitch from their uniquely protected status — they have proven they are neither worthy nor competent. Open up ratings to competition –including open source. [...]