Remember how crooked accountants like Arthur Anderson helped create the Enron disaster? Well the credit rating oligopoly of the Big Three (Moody’s, Fitch and Standard & Poor’s) is doing almost the same thing, and Senator Al Franken wants to put a stop to it.
As Senator Franken told ABC news
“If a failing student paid their teacher to turn their F into an A, everyone would agree that what the teacher had done was unethical … But right now, investors are being sold a phony bill of goods. We need to protect consumers from the pay-to-play system that rewards Wall Street players at the expense of Main Street.”
Al Franken has an Amendment to the Wall St reform bill that will bring this to an end.
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