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This has reference to the Financial Scan column “Rating agencies: Fence eating the crop?” It is nothing but investor greed that has created the sub-prime crisis. Investors the world over tend to blame someone or the other for their faulty decisions and some goverments also join the bandwagon, thus shirking their responsibilities. Be it the Enron fiasco, the dotcom collapse or the stock market scam, investors look for some scapegoat. This time, it is the rating agencies. Investors and bankers were fully aware that these sub-prime loans carried high-risk.It would be unethical to blame someone for one’s failure to take the necessary precautions. Will the investors reward the raters by sharing their profits, where decisions based on the ratings paid off?

S. Veeraraghavan Madurai

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