They do get their income from setting ratings. I just looked at Moody's which is a dot.com, I doubt that they are non-profit.
On Thu, Aug 16, 2007 at 02:44:12PM -0700, Jim Devine wrote: > 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. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
