Despite being blamed for billions in lost investments, the big three credit rating companies continue to dodge accountability.
In this video I produced, Ben Protess and I talked to representatives from the largest credit rating agencies and spoke with experts and investors including a large union investor who's pensions lost billions on highly rated bonds.
What we found is a story that has not been fully told of how the three major credit rating agencies-- Moodys, Standard & Poors, and Fitch have for years dodged accountability by defending themselves with the first amendment.
Although the nations largest credit rating companies are blamed for underestimating much of the risk that led to the financial crisis, so far they have dodged any significant consequences. Investors lost billions of dollars on bonds awarded top ratings by Moodys, Standard & Poors and Fitch, and now Congress wants answers. But will Washington really demand change and hold the raters accountable?
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