Finally, the Securities & Exchange Commission (SEC) in the US seems to be doing something about the rating agencies that in my view had criminally helped pour oil on fire during the financial bubbles putting on knowingly high ratings on junk. Read this.
However, to send a clearer message to the agencies management, why not put them on trial for providing false information which would be against SEC regulations? Once some of those senior guys end up behind bars, these agencies, and yes, their respective negligent boards would then and only then behave differently.
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