As readers will be aware, I don’t care much for the doings of the big Credit Rating Agencies like Moody’s and Standard and Poor’s, what with the rampant corruption and the fact that this corruption has in no small part been responsible for a massive recession which has seriously damaged the lives and prospects of many millions of people.
Call me old fashioned, but I’m touchy about that kind of thing.
So it’s with some added touchiness that I read in the FT:
’In spite of widespread gnashing of teeth over rating agencies’ role in the crisis, both companies are even thought to have increased their fees this year. Furthermore, proposed regulation looks less onerous than first feared. McGraw Hill estimates that regulatory costs, such as more compliance personnel, will be half what it originally thought. Boing.’
Perhaps the additional fees are needed to cover additional cover-up costs.
And to think I used to believe the system might be reformed (see further anger here, plus interesting comments revealing both agreement and some astonishing arrogance).
Anyway, I hope they get crushed by Kroll.