Money News
The
credit ratings agencies, which some experts blame for being enablers in
the nation’s 2008 financial meltdown, apparently have been back-sliding
toward their old behavior.Big banks and other lenders were motivated to push worthless loans off as valuable during the profit scramble before the bubble burst, and critics said the credit agencies went along for the ride.
“They made their money rating bonds, and only rating bonds,” The Washington Post noted. “If it turned out their ratings were garbage, and contributed to a once-in-three-generations crisis — well, oops. But thanks for all the fees! It was one part incompetence, and another part incentives.”
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