The Role Credit Rating Agencies Played in the Financial Meltdown of 2008-2009

Abbott Haron

Abstract

This is an area dear to the author’s heart, so is the role of Auditors in the global economic meltdown of 2008-2009, however, we this must admit that we were blind to the obvious, either for lack of knowledge, complacency, or just good all fashioned greed. The credit ratings of Standard and Poor’s, Moody’s and Fitch played a key role in the valuing of credit risk and in the explanation of investment strategies.