Moody's, Fitch and Standard & Poor's bestowed ratings on many of the toxic financial products at the heart of the global crisis that assured investors that they were as safe as Treasury bonds. While the ratings agencies arguably bear much of the responsibility for the global financial crisis, they are receiving little scrutiny, and legislative proposals do not address the agencies, The New York Times argues in this editorial. "It is not just that ratings agencies are incompetent, made wrong assumptions about the housing market and used flawed models to evaluate mortgage-backed securities. Their business is rife with conflicts of interest," the Times argues.

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