Si la regulación comienza a depender de las empresas calificadoras, si las inversiones dependen de ellas y las empresas subsisten gracias a su ayuda, si el mundo entero está a su merced... entonces, pasa lo que pasa: "Over time, ratings became valuable not because of their accuracy but because they “unlock” markets; that is, they are a sort of regulatory license that allows money to flow. Moreover, institutional investors came to rely on ratings for contracts that don’t even need regulatory approval. Trillions of dollars of derivatives payments depend on ratings. This has left us in a ratings trap. As more regulators and institutions rely on ratings, the agencies have become increasingly reluctant to downgrade."
Entonces, si es todo una cuestión de juego de intereses, que, en definitiva, atentan contra el buen funcionamiento de las calificadoras, dicen Fons y Partnoy (ex Moody´s) basta de calificadoras:
The only way out of the trap is to reduce reliance on ratings. (...) regulators and investors should return to the tool they used to assess credit risk before they began delegating responsibility to the credit rating agencies. That tool is called judgment."
Volvamos al cara a cara.
