The dominant rating companies try to avoid overhauls just as their customer banks do. Like so much of Wall Street, the ratings industry looks like it did before the crisis. Moody’s, Standard & Poor’s and Fitch, lord it over the industry.

Restaurant reviewers would be  suspect if they were paid for by the restaurants they review. That is how things work in the Bank/Credit Rating Business.

Moody’s, S.& P. and Fitch are paid by the banks and companies whose securities they evaluate.