Moody's, Standard and Poor's (S&P), and, to a lesser extent, Fitch raked in billions of dollars during the wild prelude to the financial crisis of 2007-2008, which imploded the world economy.
Matt Taibbi, writing at the time for Rolling Stone (June 19, 2013), stated bluntly, "...we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash." Between 2002 and 2007, fees for the "Big Three" credit ratings agencies (CRAs) doubled from $3 billion to $6 billion.
Related rabble.ca story:
Are you ready for the Western world's economy to crash -- again?
More banks will go under. Many tens of thousands of people will again be thrown out of work. Billions of dollars in "investments" will disappear into thin air.
I believe it's not a question of "if" financial markets and the economy will crash again, but "when."