Ratings Agencies: Accepting Accountability
Credit rating agencies including Standard & Poor’s, Moody’s and Fitch have drawn regulatory scrutiny and suggestions of conflicts of interest from industry participants noting that these agencies are paid by the very banks whose investment products they rate. The agencies’ credibility has also taken a hit as many mortgage-backed securities they initially deemed high-grade turned out to be toxic to investors’ bottom lines. Their work in terms of improving methodologies and boosting transparency
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