First in the firing line

Regulation

The crisis in the US credit markets of 2007 has again put the spotlight on a group of much-maligned institutions whose lack of clairvoyance has regularly been cited as a convenient scapegoat by politicians, investors and consumers. Yes - the credit rating agencies. First, following the Enron debacle, and now on the heels of the subprime meltdown, the rating agencies have taken centre stage, but not to a standing ovation nor even to a smattering of polite applause - instead, to a chorus of boos.

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