Today's Outrage: Ratings Agencies Under Attack

Today's Outrage is published weekdays at 9:30 a.m. EDT and is available as an RSS feed.

Calpers is taking on the credit agencies - and it's about time someone did.

In the biggest challenge yet to Moody's(MCO Quote), Fitch and McGraw Hill's(MHP Quote) Standard & Poor's unit, the biggest U.S. public pension fund filed a lawsuit in California putting the blame on the ratings agencies for $1 billion in losses, according to the New York Times.

Many have complained that the credit ratings agencies were complicit in the credit crisis because they slapped their top ratings onto just about every type of wild investment package concocted by various hedge funds, banks and financial companies. No one has been able to prove it so far. ...