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Is Europe's 100 years of servitude to American credit-rating agencies an object lesson for Africa?
Here is a sorry allegory and analogy from a lazy Europe:
For almost 100 (one hundred) years Europeans have passively and willingly subjected themselves to the authority of the Triumvirate of American credit-rating agencies -- Standard & Poor's, Moody's, and Fitch -- without, apparently, having the common sense and will-power to take control of their own credit Destiny. Dumb and dumber ?
Now, finally, after almost a century, Europeans are finally taking action to control their own ability to borrow (or steal?) from the Future. Read down below.
So will Africans delay as long to take responsibility for, and control of, rating and auditing their own carbon credits & projects ? Let's hope not !!
Hence my proposal 2+ years ago to establish an independent carbon project accreditation & validation agency in Africa called The Uhuru Green Standards Foundation in Nairobi. But call it whatever you want, and locate it wherever you want in Africa. Who cares ?
But if you are African -- just take control of your own Future.
Now, to the very very 100-years late development from Europe:
"European rating agency could launch in 2012"
January 21, 2012 -- Thomson Reuters
"MILAN (Reuters) - Plans to launch a European ratings agency to compete with S&P, Moody's and Fitch are at an advanced stage and a new private institution could start business as soon as the first half of this year, German businessman Roland Berger told an Italian newspaper.
"The founder of consultancy Roland Berger said he hoped a new private, non-profit organization, in the form of a foundation, could be ready in "the first half or the first nine months of the year," according to Saturday's Corriere della Sera.
"Berger, who has been lobbying European governments and companies to gather support and financing for a new agency, hopes to have raised the 300 million euros of capital needed from European investors by that time, the paper said.
"The proposed model is of an agency where the service is paid by the clients, who have an interest in having reliable and objective results," Berger said.
"Roland Berger partner Markus Krall, who is largely tasked with setting up the agency, told Germany's Euro am Sonntag weekly that it would differentiate itself from competitors by accepting liability for its analysis.
"This would mean customers could potentially claim damages from the agency, which Krall said provides a "strong incentive" to provide accurate analysis.
"Currently ratings are legally speaking purely opinion and are not subject to any product liability (laws)," Krall told the paper in comments published on Saturday.
"European policymakers have criticised agencies Standard & Poor's, Moody's and Fitch during the euro zone debt crisis, saying they have been too quick to downgrade the credit ratings of indebted EU states despite bailouts and austerity programmes.
"Earlier this month, S&P downgraded the credit ratings of nine euro-zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany.
"Berger's plan for the new agency, which would be incorporated in the Netherlands, has received signals of support from the European Commission and governments in Europe but also in China and among some Arab states, the paper said.
http://ca.reuters.com/article/businessNews/idCATRE80K0GL20120121
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Globally & warmly yours,
David Palella
Founder [ Emeritus, Retired ]
CARBON MANNA UNLIMITED
San Diego, California
cell: 619-787-5767
email: dpalella@gmail.com
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Blog: http://carbonmanna.blogspot.com
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Wall Street Journal article profiling Carbon Manna(sm): "Power out of Africa"
http://online.wsj.com/article/SB10001424052970204346104576638553875004940.html
The "Micro" Revolutions Institute(SM) Established by Carbon Manna(SM)
http://www.prweb.com/releases/2010/04/prweb3908584.htm
Carbon Manna(SM) announces The Micro Sustainability Prizes(SM)
http://www.prweb.com/releases/2010/01/prweb3459274.htm
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