In the melee that surrounds the sinking of Enron, accusations continue to fly. Much of the criticism is aimed at a management team that seemed to see proper financial disclosure as an optional extra. But investors are also critical of the lack of early warning signals from the credit rating agencies. They are easy targets. True, Enron is – or was – a company whose dealings were of baffling complexity. But if anyone could have seen through the fog it was surely the agencies with their supposed hotline to the boardroom of each rated issuer.
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