Quote of the Month...

In today's Handelsblatt, a certain Torsten Hinrichs of S&P has, for me, the quote of the month:

in German: Die Black Box Rating muss möglichst transparent sein.

in English: The Black Box Rating has to be as transparent as possible.

Ouch.



Does he even think about what he is saying?

Now, to be fair, he doesn't mean that the rating itself is transparent, but rather that the relationship between rating agencies and emitters of financial instruments needs to be as transparent as possible.

Still, he chose his words ... poorly.