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alexandra m. pickett

Kenan Institute for Ethics » Institutions in Crisis - 0 views

  • reed, Negligence, or System Failure? Credit Rating Agencies and the Financial Crisis (2011)
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    Credit rating agencies are responsible for rating the credit-worthiness of a wide variety of investment opportunities. While the agencies’ failure (out of greed or negligence) to properly assess the risk of these instruments leading up to the 2008 financial crisis is well-known, this case explores more encompassing systemic factors, including shifts in corporate culture, that led both to agency failures and the global financial crisis.

    Keywords: credit rating agencies, Moody’s, Standard and Poors, financial crisis, derivatives, subprime mortgaged, conflicts of interest, corporate culture, regulatory oversight, market competition

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    "reed, Negligence, or System Failure? Credit Rating Agencies and the Financial Crisis (2011)
    Download Case Study (pdf)
    Download Teaching Notes (pdf)

    Credit rating agencies are responsible for rating the credit-worthiness of a wide variety of investment opportunities. While the agencies' failure (out of greed or negligence) to properly assess the risk of these instruments leading up to the 2008 financial crisis is well-known, this case explores more encompassing systemic factors, including shifts in corporate culture, that led both to agency failures and the global financial crisis.

    Keywords: credit rating agencies, Moody's, Standard and Poors, financial crisis, derivatives, subprime mortgaged, conflicts of interest, corporate culture, regulatory oversight, market competition"
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