QOTD: Ratings Agencies Jobs

What is the function of Ratings Agencies? The answer to that question was most pithily expressed thusly: might

“The function of a ratings agency is to visit the field at the end of the battle and shoot the wounded.”

-John Heimann, Spring 1998
(former U.S. Comptroller of the Currency and later vice chairman of Merrill Lynch and chairman of the Financial Stability Forum)

Sourced from Brookings

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