Long paper on credit agencies like Moody's

Voltron says: The author is a jerk who wrote an "expose" on Morgan Stanley titled F.I.A.S.C.O. He makes some good points though. Executive summary: The three ratings agencies are an government sanctioned oligopoly that hides behind free speech to profit from perpetuating the con of CDOs.

http://www.tcf.or.jp/data/20050928_Frank_Partnoy.pdf