Ratings Agencies, Moody, Standard & Poor supposedly accepted money for higher ratings?

Not strictly Nokia related, but there had been some Nokia stories regarding the ratings of Nokia by the likes of Moody and Standard & Poor.

A story on the Front page of Reddit hosted at Yahoo news indicates that these ratings agencies supposedly accepted money for higher ratings. This was specifically related however to a time before the financial crisis. Can’t be certain what happened after that.

http://finance.yahoo.com/news/the-last-mystery-of-the-financial-crisis-154447818.html?page=all

http://www.reddit.com/r/worldnews/comments/1h11pq/leaked_emails_reveal_that_standard_and_poors_and/

I know very little of the subject but those in the comments who appear to know say this was apparently standard practice with a wide choice of ratings agencies (e.g. Fitch too – third of the ‘Big Three’) to pay for higher ratings.

You may find this link helpful:

http://en.wikipedia.org/wiki/Credit_rating_agency

Amusing comment, GOT reference. True in this context and also in phone marketing:

Power resides where men believe it resides. It’s a trick. A shadow on the wall…

Category: Nokia