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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.

"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]


Video: Stiglitz: 'A Gun at Our Heads'
Video iconVideo: 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.
Credit Rating Agencies in the News

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

THIS WEEK ON NOW
Credit and Credibility

What's Next for Capitalism?

Stiglitz: "A Gun at Our Heads"

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