Fraud and Greed of Trusted Rating Agencies Helped Spread the Credit Crisis
Shah Gilani
January 5, 2009
Underlying the credit crisis gripping the U.S. and world Trigger Event Strategist Website - Shah Gilanieconomies is a crisis of confidence. Blame has been laid at the feet of the U.S. Federal Reserve, and an investment bankers' brew of toxic financial products. Ultimately, however, it was the supposedly trustworthy rating agencies that got everyone to drink the poisoned Kool-Aid. The sheer fraud and greed of rating agency analysts and executives is staggering. That no one has gone to jail, and none of the agencies have been shut down is a travesty of justice on an infinitely larger scale than Bernie Madoff's Ponzi scheme. Until depositors, bankers and investors regain confidence in the quality of ratings we rely upon to measure financial stability and creditworthiness, the tremors that underlie the credit crisis will drag on indefinitely.
