# Tether vs S&P: Paolo Ardoino's battle against the 'broken financial system'
Paolo Ardoino didn't mince words. The CEO of Tether responded to the downgrade by S&P Global with an uncomfortable truth: **traditional rating agencies have been failing for decades**.
Remember how those same institutions approved companies that later spectacularly failed, while maintaining their "investment grade" status. Global regulators are already questioning the independence and objectivity of these agencies. What's Ardoino's point? When a company (read: Tether) tries to escape the grav
Paolo Ardoino didn't mince words. The CEO of Tether responded to the downgrade by S&P Global with an uncomfortable truth: **traditional rating agencies have been failing for decades**.
Remember how those same institutions approved companies that later spectacularly failed, while maintaining their "investment grade" status. Global regulators are already questioning the independence and objectivity of these agencies. What's Ardoino's point? When a company (read: Tether) tries to escape the grav
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