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Don't the credit rating agencies work the same way? The companies being rated pay the agencies, not the companies that want to know the rating.



They do. Their value is unclear.

Accountants supposedly are employed by shareholders, but in practice are employed by executives. This makes auditing problematic, but it does have some value. The bigger problem there is the big four's oligopoly: they are too big to fail.


Thought so.

Why do people insist on inventing wacky conspiracy theories when the scam is right there in front of them?


How are the big four all "too big to fail" when not too long ago they were the big five?


See, e.g., the discussion in http://www.economist.com/node/3984019

Break-up of the big four has been proposed, I see in this mornings Financial Times: http://www.ft.com/intl/cms/s/0/a4f58dba-1a89-11e1-ae4e-00144...




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