Credit Rating Innovation Morale Operations 
Harvard Business Review
NOVEMBER 6, 2014
In this worldview, disasters only happen because the rules of the game in which the businesses operate must be flawed. Bailouts — not just the ones after the crisis but also prior ones, such as that of Long Term Capital in 1998 — aggravated the problem of “moral hazard” that informational imperfections can engender.
Harvard Business Review
NOVEMBER 6, 2014
In this worldview, disasters only happen because the rules of the game in which the businesses operate must be flawed. Bailouts — not just the ones after the crisis but also prior ones, such as that of Long Term Capital in 1998 — aggravated the problem of “moral hazard” that informational imperfections can engender.
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