As the economic crisis unfolds, finally some attention is being paid to the central role played by ratings agencies whose names have for decades inspired trust worldwide--Fitch, Standard & Poor's and Moody's. As a culture of risk-taking took hold in the financial world, Triple A ratings were assigned to structured products did not deserve them and were subsequently sold worldwide. This article makes it clear why the United States is being blamed as the epicenter of a massive fraud that threatens our global financial system.

Informative report about lax practices by credit rating agencies responsible for reviewing security deals, based on comments cited at a recent congressional hearing. These comments are alarming, to say the least, but I would have liked to hear more from independend experts, as well as from the rating companies themselves. Overall, a worthwhile report about an important topic, which is likely to get a lot more coverage in coming days.

This summary of the committee hearing is a 'must read' for those who didn't watch the whole thing on C-SPAN. What we learn is that the very agencies charged with accurately assessing the worth of investment products failed to live up to their responsibilities. Add this negligence--at best--to highly suspect practices, legislative support through removal of liability to financial firms, and you have the ideal formula for colossal collapse.

Covering a side of a financial meltdown not well-covered elsewhere. Unfortunately, this piece is mostly reliant on Congressional testimony, and lacks much original reporting.