Yup. Unfortunately, the only reason S&P, Moodies and Fitch matter is because ... wait for it ... they were named in the Securities and Exchange act of 1934 as t

Yup. Unfortunately, the only reason S&P, Moodies and Fitch matter is because ... wait for it ... they were named in the Securities and Exchange act of 1934 as the only agencies that banks were allowed to use. It's one of those huge unintended consequences that the scheme to make sure that commercial banks were invested in high quality securities is at the heart of a financial meltdown 74 years later.