PUBLIC POLICY FOR THE PRIVATE SECTOR -Credit Rating Agencies

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PUBLIC POLICY FOR THE PRIVATE SECTOR -Credit Rating Agencies

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Indeed, the major complaint about the rating agencies during this era was not that they were too compliant to issuers’ wishes but that they were too tough and too powerful. This view was epitomized by the New York Times columnist Thomas L. Friedman’s remarks in a PBS “News Hour” interview on February 13, 1996: “There are two superpowers in the world today in my opinion. There’s the United States, and there’s Moody’s Bond Rating Service. The United States can destroy you by dropping bombs, and Moody’s can destroy you by downgrading your bonds. And believe me, it’s not clear sometimes who’s more powerful.”...

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