These people are one of the root causes of the financial melt down. If they had rated these things properly this wouldn't have happened. It was a long article so I only copied a portion of it. Police, firefighters and teachers lost billions in their pensions because of these people. I really would like to see some of these key people rot in prison.
copy & paste
In the lead up to the financial meltdown, Wall Street firms routinely exerted influence on the nation’s largest credit rating companies— which judge the quality and safety of bonds—and the companies often surrendered to the pressure, according to the results of a Senate investigation.
The rating companies, Standard & Poor’s and Moody’s, regularly awarded generous grades to thousands of mortgage-related investments that later collapsed and precipitated the financial crisis. Investors rely on the raters’ assessments in deciding what to buy and sell.
But an examination, conducted by the Senate’s Permanent Subcommittee on Investigations, uncovered internal e-mails and documents that describe the raters as “beholden” to investment banks—firms the raters referred to as their “clients.”