"European Union finance ministers Tuesday backed plans to regulate credit-rating companies more directly, after the raters' volutary code of conduct was deemed inadequate to prevent future financial crises. ... The commission's chief market regulator, Charlie McCreevy, has described ratings companies' code of conduct as a 'toothless wonder'," WSJ, 9 July 2008.
Mark Olson and Chris Cox, are you listening? "A toothless wonder", amen!
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