Care of the earth, care of the people, and reinvest the surplus for the betterment of both.
Eight months after my talk at TEDGlobal 2013, much progress has been made on the International Non-profit Credit Rating Agency (INCRA) concept. The progress, however, has not been in the credit rating agency world itself, which is slow to change, despite strong criticism from political officials and, occasionally, the media.
You may recall the public outrage over ratings at the height of the Euro Crisis in 2011 and 2012. Then, the so-called “big three” credit rating agencies ― Standard & Poor’s, Moody’s and Fitch ― downgraded the US and several European countries. Dramatic headlines renewed public interest in sovereign ratings and the institutions that produce them. [ted_talkteaser id=1937]The attention inspired me to think about a new way to address the sector’s deficiencies. Instead of approaching the problems from a regulatory angle, I developed an institutional model to addresses the shortcomings of this sector’s major players. Transparency and accountability: those…
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