In the whole economic Armageddon, rating agencies (eg Moody’s, S&P, etc) seemed to have escaped the radar of pundits assessing the why and wherefore of our misery.
These agencies, who I have to admit, existed only on the fringes of my universe until a year ago, when I began working for a business publication, are meant to be responsible, independent, unbiased. Their ratings are the beacons that guide investors in an extremely crowded and confused market. How then, could they have top rated those toxic fiscal instruments that are at the heart of the global economy’s woes? Any answers?
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