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Forum Post: Ratings Agencies (Standard and Poor's, Moody's etc)

Posted 10 years ago on Dec. 8, 2011, 5:44 a.m. EST by ohmygoodness (158)
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While these agencies rate companies, governments and just anything/ anyone for which they will be paid, who will audit these companies for their ratings?

Their track records especially in the 2008 Financial meltdown show that they were equally culpable with the financial institutions.

Where is their credibility and how are they held accountable? When questioned about their failure one of them remarked that it was just their opinion, so my question is why should anybody believe them?

Would they not favor those who pay them and then are they not going to be questioned about the conflict in interest issue?

They must be paid very well otherwise they just could not afford the best addresses and buildings around the world?

Is it not time to Occupy them too!!

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[-] 1 points by JesseHeffran (3903) 10 years ago

i always thought that whole system was a conflict of interest scandal just waiting to happen.