On June 3, Professor David Reiss was featured on Bloomberg TV to discuss statements made in the Financial Crisis Inquiry Commission (FCIC) hearings, which look to better understand the causes of the current economic crisis. In his interview, he reiterated his criticisms of rating agencies, who have become “too enmeshed in the business of Wall Street” and have lost sight of providing accurate ratings. “It’s created a laziness I think in the raters,” he told Bloomberg TV, “because they have this privileged regulatory status. I think we need to start rolling that back and making the rating agencies rely more on the actual accuracy of their ratings.”
Watch Professor Reiss’ interview.
Read more of Professor Reiss on credit ratings agencies at The Center for Public Integrity.