Abstract
The behavior of credit rating agencies during the subprime and Eurozone crises caught the attention of many analysts that raised the questions about their practices during distressed periods. Criminal charges were brought against the agencies for their role in the subprime crisis (2007-2008) for inflating the ratings of mortgage-backed structured debt products. Their conflict of interest, serving both buy-side and the sell-side, was at the heart of the lawsuits.
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