Each day this week, a different writer from TheStreet.com will made the case for why one of five prime culprits -- the banks, Congress, irresponsible home buyers, the Federal Reserve or the rating agencies -- is most to blame for the credit crisis and ensuing economic meltdown.
A good measure of who is responsible for getting us into this mess is looking at who got rich off of it. Bond ratings agencies certainly got their share of the take.
Moody's Investors Service (MCO) saw its profits quadruple between 2000 and 2007 and had a higher profit margin than any other company in the S&P 500 for five straight years, according to opening statements from Henry Waxman, chairman of the House Committee on Oversight and Investigations, in a congressional hearing on the ratings agencies he held in October.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV