Robert Cusack of Whale Rock Partners spoke in July 2012 on these topics infinitely more experienced and knowledgeable than Chafee/Licht hired gun. His analysis appears below he identifies several issue that Chafee dismisses his attitude and commentary directly supports the position of Fung and Block...."the ratings are surprisingly negotiable"
Maybe its Mr Chafee who is unfit to govern.
After watching this video of the Conference held by the Steven Hopkins Center. you can tell the difference between what real professionals think and Mr Chafees predictably lazy response. Mr Chafee is intellectually lazy generally but specifically regarding the subject of default. He has rejected it saying "common sense " dictates. He has called those who want to examine it "unfit to Govern". The Governors unwillingness to investigate default has been evident from the beginning,because it serves him well to get "beyond this" ,which for him, means the end of this year. His incompetence may have accelerated the collapse in the first place. His claim of a forensic investigation was a lie. He did not asked Fox , Weed or the Attorney General for a subpeona powered review of the dealings in 38 studios . He is personally connected to people negotiating behind the scenes. He knows how to go outside the state to get "independent studies" so perhaps he is aware of the FBI? Governor Chafee had the arrogance to personally guarantee the State would pay a moral obligation bond yet he lacks the integrity to stand up to an independent investigation.
from the article:
“Gov. Chafee, Treasurer Raimondo, Senate President Teresa Paiva-Weed and
House Speaker Gordon Fox have recently expressed to us directly their
support for the moral obligation commitment based on the state’s
credit,” Moody’s analyst Marcia Van Wagner said in a research note.
As I have said the Bond Market will reject punative "junk" ratings on RI general Obligation Debt rendering the "independent" study useless and irrelevant.Usually I ignore his dithering incompetence but now it looks more evil.