Trick is, the ratings agencies knew 1 and 2 were happening; questions about the practice were raised. That no-one did anything when questions were raised is wh

Trick is, the ratings agencies knew 1 and 2 were happening; questions about the practice were raised. That no-one did anything when questions were raised is what brings us back to fraud. The ratings agencies were allowing a known-flawed system to apply known-incorrect ratings because it served their own financial interests.