frdm45

How to Reform the Credit Rating Agencies

After what has happened how can these ratings agencies possibly still exist? If it hadn't been for the ratings agencies I don't believe we would have had the crisis in the first place or it wouldn't have been of the same magnitude. How can it be that people in other professions such as doctors, lawyers, contractors can be sued for issuing negligent, misleading, or outright fraudulent advice and these guys walk scot free? I know there is the threshold of whether they knew the advice was misleading; they can't be held resposible for just wildly inaccurate ratings - please, there are only two choices, these ratings agencies execs either don't have enough smarts to run a lemonade stand or they're lying.