With Industry Too Reliant on Ratings and Conflicts Of Interest a Concern, Agencies Pushed to Reform
October 24, 2008
Credit rating services have been battered for months over their role in the collapse of the MBS market, but the heat grew more intense this week on Capitol Hill as company executives had to explain incriminating internal documents that portrayed a cynical focus on earnings over accuracy. “The story of the credit rating agencies is a story of colossal failure,” said Rep. Henry...