Free Republic

Blackstone Group LP CEO Stephen Schwarzman said up to 45% of the world's wealth has been destroyed by the global credit crisis in little less than a year and a half," he told the Japan Society. "This is absolutely unprecedented in our lifetime." ......He put part of the blame on credit rating agencies. Rating companies have been the focus of intense criticism for granting top "AAA" ratings for complex bonds that later plummeted in value, resulting in subsequent rating cuts, in many cases to junk status. "Once you bought into ... the Triple A paper and it turned out was...