An 18-month investigation by the Senate Permanent Subcommittee on Investigations, led by Senator Carl Levin has revealed that credit organizations played a major role in worsening the economic downturn.

Credit rating agencies (CRAs) such as Moody’s Investors Service and Standard and Poor’s Ratings Services have been accused of grave irresponsibility and unethical practices. Several internal emails exchanged among the internal employees of these agencies show that the agencies were perfectly aware of the consequences of their actions. [Read more…]