Buffett ‘hates’ ratings agency model but sees no alternative
Moody's largest shareholder, Warren Buffett, admitted to the US Congress last week that he "hates" the issuer-based pay model that ratings agencies operate under, but does not think that there is an alternative.
The Berkshire Hathaway CEO was the star witness before the Congressional Financial Crisis Inquiry Committee (CFCIC) last week, after he was subpoenaed to appear to discuss the role that the ratings agencies played in the global financial meltdown.
The prevalent business model for ratings agencies is known...
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