Ratings Agencies Are the Darnedest Things
Harvard Business Review
AUGUST 11, 2011
They too are paid by issuers, but it doesn't appear to be as close, conflicted, or lucrative a relationship as that between, say, the structured-finance raters and the big investment banks. If only journalism were that profitable (check out the relative stock price trajectories of Moody's and newspaper publisher Gannett ).
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