Raise your hand if you can explain why anyone still believes in credit ratings.
One of the enduring questions of the financial crisis is how the credit ratings establishment got so much so wrong for so very long. How could century-old institutions like the Moody’s Investors Service give their triple-A blessings to subprime junk?
It is time — in fact, past time — for Washington to get some answers. Because despite talk of a shake-up, the companies that dominate the ratings business hope to avoid the radical overhaul their critics are calling for...
Yahoo! Finance: Answers on Credit Ratings Are Long Overdue