Credit Rating Agencies - One of the Primary Suspects

[chinaco]

Some of you are probably aware of this. I wanted to post it so you could see one of the key "Checks" that failed in the "Checks and Balances" of our financial system. The other failure was the regulators.

They took the money and ran.

IMO - All of top management of these firms should be investigated and prosecuted if malfeasance is found... turn over every rock. And at the very least sued personally for negligence and/or wrong doing. Beware... this is going to P!$$ you off.

Credit and Credibility . NOW on PBS


A little more information about the congressional investigation.

http://www.reuters.com/article/newsO...4AJ2W220081120

[. . . Yrs to Go]

The list of folks who bear responsibility for this mess is pretty extensive. But if you had to select the smallest group of people who bear the greatest amount of responsibility for the sub-prime debacle it would have to be the guys and gals at the rating agencies (with the possible exception of the Federal Reserve board). Had the rating agencies gotten this right, the problem never would have happened. Maybe 80 or 100 people in all at Moody's, S&P, and Fitch . . . .they could have stopped it.