posted on Aug, 22 2011 @ 12:44 AM
reply to post by wildtimes
I know the system is a mess with some very serious deep and entrenched problems. I don't want to sit the the corner sulking about it and I don't
want to see the whole house of cards come down and send progress back into the stone age. I want to find solutions that work and support them.
The subject of rating agencies is one that has received a lot of attention around the world lately and a lot more businesses are picking it up to
limit the conflicts and provide more peer review to the work that is undertaken. Germany and China have two other countries setting up their own
rating agencies due to the conflicts you have outlined. With governments becoming increasingly bogged down, under resourced and ineffective with their
own accounting bodies, private rating agencies is one option to help install some realism back into the machine.
With more competition rising in this ratings market place, integrity is going to become more and more an important part of this business operations as
this is what they sell. The article you provided is a great example of how reputation is going to be impacted and how this is going to affect the
bottom line for these rating agencies if they are going to continue to exist and grow.
There is still a risk that the censorship in the media will be a continued practice in the ratings market. With more agencies around the world picking
up this demand and providing more competition of this resource it will help limit the corruption and greed that does take place.