Credit rating agencies: A question of trust
Question of trust
As the fires were being put out from the global financial crisis, credit rating agencies (CRAs) were singled out as a major contributing factor to the economic disaster and have since faced the full ire of both US and European legislators.
In the US, the Dodd-Frank Wall Street Reform and Consumer Protection Act, ratified on July 21, repealed a provision from the Securities Act of 1933, which protected CRAs from being liable for their ratings.
Meanwhile, the European Commission (EC) proposed in
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