Rayn

Calpers sues Moody's, Fitch and S&P after suffering $1B in losses caused by 'wildly inaccurate' credit ratings. In 2006, Calpers bought $1.3B of structured investment vehicles which held the rating agencies' highest credit rating, only to see the SIVs collapse in 2007 and 2008.

Ratings agencies have escaped too much of the negative attention due them