But it’s important to remember that when the raters had to rely on actual demand by readers for its bread and butter, they did about as well as the rest of us.
For me, if S&P and Moody’s want to be treated like journalists, they should be paid like journalists. Then no one would care if they downgraded the U.S. to junk and made Libya AAA.
But that’s just my opinion.

I don't understand why Warren Buffett is still treated with such deference by journalists and others. A mega-billionaire, the single largest shareholder in Moody's, right at the epicenter of the meltdown and nobody calls him out on his contribution to the financial crisis?
I'm not saying he did anything illegal (if he did he should be prosecuted). By why does he get to escape pariah status?
#1 Posted by JLD, CJR on Sat 30 Apr 2011 at 08:27 PM