Week of 12.26.08
Credit and Credibility
What role did the credit rating agencies play in the current economic crisis? This week, a former managing director at Standard & Poor's speaks out on U.S. television for the first time about how he was pressured to compromise standards in a push for profits. Frank Raiter reveals what was really going on behind closed doors at the credit rating agencies the public relies on to evaluate the safety of their investments.
Video: Credit and Credibility
"During this period, profit was primary; analytics were secondary," Raiter tells NOW Senior Correspondent Maria Hinojosa.
Who was watching the watchers? Surprising new revelations about the economic debacle, this week on NOW.
» Read Standard & Poor's response to the investigation [pdf]
Credit Rating Agencies in the News
Video: Stiglitz: "A Gun at Our Heads"
Nobel Prize-winning economist Joseph Stiglitz talks about misplaced priorities in handling the economic meltdown, and what we should do next.
Associated Press: SEC adopts new rules for credit-rating agencies
Financial Times: When junk was gold
New York Times: Triple-A Failure
New York Times: Watchdogs: Tamed or Caught Napping?
NPR: The Giant Pool of Money
Reuters: Are credit raters off the mark again? Spreads say yes
Wall Street Journal: How Rating Firms' Calls Fueled Subprime Mess
Wall Street Journal: SEC Tightens Rules for Ratings Firms
This show was originally broadcast on November 21, 2008
|Credit and Credibility
What's Next for Capitalism?
Stiglitz: "A Gun at Our Heads"
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