Professor William Black on Tech Ticker touches on the "perverse" incentive structures on Wall Street and how executives and professionals aid the frauds instead of protect from them, fueled by accounting firms, auditors, appraisers, rating agencies, lawyers. Haha, pretty much the majority of the labor force. He then wants to know why these Wall Street institutions still exist since they are too big to fail, essentially borrowing at zero and buying long-term Treasuries, at the expense of unemployed America. He stresses that we're going down the Japan deflation route by hiding losses on bank balance sheets. He says look at the Nikkei, it lost 75% in nominal terms. In the third vid he says get rid of the ratings agencies. If interested read my post Knock Down Existing Financial Infrastructure, Accredited Investor Rule is Nonsense (Exposed in 2008).
Hedge fund manager David Einhorn agrees, I believe he's also short Moody's: Warren Buffett Testifies About Moody's, Einhorn Says Shut Down Ratings Agencies on Bloomberg TV (MCO) http://www.distressedvolatility.com/2010/06/warren-buffett-testifies-about-moodys.html.