In the mortgage collapse that drove the world economy to the brink, the ratings agencies were rating dogshit in catshit as AAA, they certainly didn’t give it something more appropriate like BBB-. There was a good scene where Burry (played by Carrell) went to fitch and asked them why they hadn’t changed the rating on the MBS(shit sandwich) when the underlying mortgages were worth zero. The Fitch person said they didn’t feel the need to. They were of course being paid–and still are–by the companies they rate.
In the mortgage collapse that drove the world economy to the brink, the ratings agencies were rating dogshit in catshit as AAA, they certainly didn’t give it something more appropriate like BBB-. There was a good scene where Burry (played by Carrell) went to fitch and asked them why they hadn’t changed the rating on the MBS(shit sandwich) when the underlying mortgages were worth zero. The Fitch person said they didn’t feel the need to. They were of course being paid–and still are–by the companies they rate.