Talk is cheap
New York attorney-general Andew Cuomo is vowing to root out practices he believes contributed to the credit crisis. But some ask if this tackles the root of the problem - namely, that credit ratings agencies are unable to provide accurate and reliable ratings because they are paid for them. William Rhode reports
It was the moment of reckoning that everyone had been waiting for: New York attorney-general Andrew Cuomo - spearhead of a year-long investigation into the US mortgage industry and key proponent of industry reform - announced that he had reached an agreement with the three major rating agencies: Standard & Poor's, Moody's Investors Service and Fitch Ratings.
Under the deal, the credit rating
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