Bond Ratings Scam: Feds Protect Failure

The Wall Street Journal explains how federal and state regulations block competition with the rating agencies that fueled the mortgage crisis by giving ridiculously rosey ratings to junky mortgage-backed securities.  Thanks to such regulations, they can do their job badly without paying much of a price.  It’s the public and investors who take the hit instead.  I earlier wrote about the bond-rating scams and how they have ripped off the public here, here, here, and here.