When the financial crisis began, few players on Wall Street looked more ripe for reform than the Big Three credit rating agencies: Moody’s Investors Service, Standard & Poor’s and Fitch Ratings, which played a crucial role in the epochal housing market collapse by affixing their most laudatory grades to billions of dollars worth of bonds that went bad in the subprime crisis. So as Washington rewrites the rules of Wall Street, how is the overhaul of the Big Three coming? It isn’t, finance experts say in The New York Times today.
Big 3 Credit Agencies Reform In Flux
Current bills don’t tackle the critic-for-hire problem or threaten the 85 percent market share that Moody’s, S.& P. and Fitch now enjoy
December 8, 2009