Why U.S. Financial Markets Need a Public Credit Ratings Agency

This Wall Street Watch Working Paper emphasizes the significant role of the major private credit rating firms in creating the housing bubble and subsequent financial crash of 2007-2008. M. Ahmed Diomande, Secretary of the New York State Senate Finance Committee, and University of Massachusetts, Amherst Profesors James Heintz and Robert Pollin recommend the creation of a public credit ratings agency that would operate free of the perverse incentive system that distorts the work of private firms.

Download Why U.S. Financial Markets Need a Public Credit Ratings Agency

This Wall Street Watch Working Paper emphasizes the significant role of the major private credit rating firms in creating the housing bubble and subsequent financial crash of 2007-2008. M. Ahmed Diomande, Secretary of the New York State Senate Finance Committee, and University of Massachusetts, Amherst Profesors James Heintz and Robert Pollin recommend the creation of a public credit ratings agency that would operate free of the perverse incentive system that distorts the work of private firms.

Download Why U.S. Financial Markets Need a Public Credit Ratings Agency