Commentary: Crisis shows credit rating agencies need to change

04/29/2010 | Financial Times (tiered subscription model)

Columnist John Gapper writes that credit rating agencies, including Standard & Poor's and Moody's Investors Service, were central in the collapse of the housing market, and yet few changes to their business model have been proposed. "If the crisis proves anything, it is that the agencies enjoy too much authority among investors and regulators," Gapper argues. "Any reform that would loosen their grip on bond markets deserves a shot."

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