
The Crash of 2008 revealed serious flaws in the rating agency system. The market had lost confidence in the major agencies because of the practice of selling ratings. Also, ratings had become a condition of default and agencies, to look good, rapidly downgraded issues just prior to default.
Reform of this system is not simple, requiring an entirely new approach consistent with the complexity of today’s market. Collaborative research with new Internet technology is a possible solution.










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