Five Years Later, Rating Agencies Creating Same Problems

Matt Taibbi at Rolling Stone put out an excellent piece yesterday on the backwards incentive structure navigated by investment-rating agencies that contributed to the 2008 market crash and subsequent (some might even say ongoing) recession.  Apparently the industry is up to it's neck in the same issues that brought it down before. Says one senior executive at Standard & Poor:

Let's hope we are all wealthy and retired by the time this house of card[s] falters.

One can only wish.