2 ms·
> What evidence do you have? The business model is the same; big failures are still common (e.g. the recent case of Oi SA); the same Big Three still control th
by icebraining 8y ago
> What evidence do you have?
The business model is the same; big failures are still common (e.g. the recent case of Oi SA); the same Big Three still control the market; "no meaningful reform of the credit-rating agencies has been undertaken" (Paul Volcker).
> And their incentive is the same as an audit company, it is an existential threat.
What existential threat? Which relevant (and this mostly means the Big Three, which "issued 97%–98% of all credit ratings in the United States and roughly 95% worldwide") rating agency has went bankrupt or even faced a major threat to its dominance?