No. of Recommendations: 0
The rating companies serve a legitimate need for investos who don't have the abilility to rate independently. For employees of more sophisticated investors they function as a "cover your a** " vehicle, a way to spread the blame if the security turns sour.
From what I've heard, all the rating agencies seem to have been overly generous in their ratings, so it's hard to imagine the government will put them all out of business. And there's plenty of others to blame- excessive greed and fraud was wide spread among loan applicants as well as many associated with the lenders.
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