I won't repeat it all because the article is long and full of persuasive detail. Despite protestations that all has been corrected, anyone who trusts their ratings would be a fool in the absence of a showing of major reform.
Several commentators have said the raters were culpable, but did not have major responsibility for the massive financial fraud that took place. That conclusion is very hard to accept. Without their active collaboration, the bubble could not have occurred.
Have we seen anything yet to suggest that this will now change?
