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Taking on the Ratings Triopoly

Jules Kroll finds corporate detective work was a lot easier than elbowing his way into an entrenched industry

By David Evans, Bloomberg | Updated on July 08, 2015

Jules Kroll sensed opportunity. In the wake of the 2008 financial collapse, the reputations of the Big Three credit-rating companies lay in tatters. Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings had all blessed various mortgage-backed securities with their highest ratings, despite the often shaky subprime loans underlying the securities. Kroll, who made his mark as a financial crimes private investigator, with offices in more than 15 countries, reckoned he could come up with a better way.

“There was enormous disappointment in the country about the way the rating agencies had behaved,” Kroll says. “They really let the country down.”

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