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Congress finally got around to hearing the testimony of the former heads of these corrupt organizations and the information didn't surprise anyone who ever had anything to do with one of these organizations. They said that profits ran the show. In my experience when I was building complicated structured finance arrangements for SPVs holding aircraft or aircraft leases, we would call the agencies, tell them the ratings that we needed to sell at the prices that we wanted to sell, and they would direct us how to get there. Within that context, they did provide some value, but in the end they could be easily cajoled in order to get their fees and more business. They however were never providing a neutral rating that the market expected of them.

 

Submitted: Oct 22, 2008    Views: 153    Comments: 0    Likes: 1   


View Article: http://www.nytimes.com/2008/10/23/business/economy/23rating.html?_r...


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