ABSTRACT
By way of discussing some of the intricacies within the rating industry, the viewpoint was developed that, despite some inconsistencies in the literature, the agencies have been steadily preparing for the crisis-hit era, rather than being an innocent bystanders caught up in the malaise. By incorporating a different remuneration model, further developing their oligopolistic structure — with the assistance of the regulators — and also by establishing rent-seeking divisions, the rating agencies were primed to take advantage of the systemic degeneration in values and responsibility and we have seen that they did exactly that. By focusing upon aspects of the rating industry that stand no chance of reducing their capability to transgress not only sends a clear message to the agencies that their transgressions can continue unabated, but should also send a message that the system, as it currently operates, does not do so in the name of protecting citizens.
