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  1. The Ethics of Credit Rating Agencies: What Happened and the Way Forward. [REVIEW]Steven Scalet & Thomas F. Kelly - 2012 - Journal of Business Ethics 111 (4):477-490.
    During the short span of a few months in 2008, 14 trillion dollars of highly rated bonds fell into junk status, surprising the global financial system and accelerating an economic decline. The result was the worst fracture of the US financial system since the Great Depression. Credit rating agencies (CRAs) in particular have come under intense scrutiny as a result of this latest disaster, both domestically and internationally, including many congressional inquiries and government investigations. Most of the public and scholarly (...)
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  • Stakes Sensitivity and Credit Rating: A New Challenge for Regulators.Anthony Booth & Boudewijn de Bruin - 2019 - Journal of Business Ethics 169 (1):169-179.
    The ethical practices of credit rating agencies, particularly following the 2008 financial crisis, have been subject to extensive analysis by economists, ethicists, and policymakers. We raise a novel issue facing CRAs that has to do with a problem concerning the transmission of epistemic status of ratings from CRAs to the beneficiaries of the ratings, and use it to provide a new challenge for regulators. Building on recent work in philosophy, we argue that since CRAs have different stakes than the beneficiaries (...)
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