"Morning Meeting" Panel Uses Masterpiece Theater To Explain Credit Rating Agencies Corruption (VIDEO)

A key actor in causing the financial crisis were the credit rating agencies. In a setup doomed to cause major problems, rating agencies were paid by banks to rate the mortgage packages the banks wanted to sell. By design this would give the agencies more incentive to rate loan packages higher than they deserved, otherwise the banks would just take their business, and the fees they paid, to another rating agency.

Perhaps due to a feeling that reform of the agencies is not getting enough attention, the panel at "Morning Meeting" decided to try to change that with some Masterpiece Theater, acting out the corruption inherent in the ratings system.


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