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For the longest time, the BIG 3 ratings agencies...Standard/Poor's, Moody's and Fitch...all based in NYC...have been like the proverbial rhino in the living room.
Extremely dangerous if provoked...always needing to be fed...hard to ignore because of loud snorting...and constantly pooping.
They ALL missed...yet profited handsomely...from the recent USA credit/housing and EU banking crisis.
Now...finally...the EC/European Commission is criticizing them...after Moody's downgraded Portugal...to the virtual junk level.
Greek FM Stavros Lambrinidis has described the agencies' actions in the debt crisis as "madness".
German FM Wolfgang Schaeuble says that he wants to "break the oligopoly of the ratings agencies" and limit their influence.
