To be fair to the ratings agencies, they don't get money directly out of setting ratings (I think they're not-for-profit). They aren't conpeople as much as they don't want to rock the boat.
On 8/16/07, Michael Perelman <[EMAIL PROTECTED]> wrote: > The first quote is ridiculous. The agencies didn't just fail to warn > investors, they conned them. > > Sabri Oncu wrote: > > > > Rating agencies hit by subprime probe > > By Tobias Buck in Brussels > > > > Officials in Brussels, and many other critics, believe the ratings agencies > > failed to act quickly enough to warn investors about the risks of investing > > in > > securities backed by US subprime mortgages – the sector whose troubles > > triggered the recent global market volatility. > -- > > Michael Perelman > Economics Department > California State University > michael at ecst.csuchico.edu > Chico, CA 95929 > 530-898-5321 > fax 530-898-5901 > www.michaelperelman.wordpress.com > -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
