Ratings Agencies Are the Darnedest Things
Harvard Business Review
AUGUST 11, 2011
In olden times, the bond raters at S&P and Moody's were financial advice providers, sort of like Morningstar is today. That doesn't mean they were infallible, but it was pretty clear what they were up to and what their incentives were. Lots of overseas regulators and private investors have come to rely on the ratings as well.
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