It's simply astounding, after all we've seen in recent decades, that anyone pays attention to credit ratings put out by the officially sanctioned rating agencies. As September's annual report (mandated by a 2006 credit rating "reform" law) from the Securities & Exchange Commission documents at great length, there is no competition or improvement in this oligopoly. The big agencies have a way of warning of trouble spots (like Enron) only after the trouble is evident or of adding to a panic (like Greece's) that is already beyond any rational basis.
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