Lawmakers, industry insiders and observers in the U.S. and Europe are increasing their scrutiny on the major credit rating agencies, Standard & Poor's, Fitch Ratings and Moody's Investors Service. "Regulators and investors are addicted to credit ratings," said Frank Partnoy, director of the Center on Corporate and Securities Law at the University of San Diego. "The only problem with them is they are false. Every academic study shows they substantially lag the market." The agencies' recent changes to the rating of Greece's debt renewed calls for a revamp of their business model.