In June, New York Attorney General Andrew Cuomo got the big credit rating agencies to agree to new ways of doing business.
Richard Drew/AP Photo
Much has been written about how much blame credit agencies deserve for the current financial crises. But the Wall Street Journal's editorial page goes one step farther today and proposes abolishing credit rating giants such as Standard & Poor's and Moody's altogether.
Their take is the agencies have done such a bad job judging the health of the financial system, why not let average investors decide which investment funds are best for them all by themselves. Hmmm....interesting idea. Could investors do worse?
categories: Understanding The Crisis
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