# Prof. Richard Sylla on the monopoly power of Moody's, S&P and Fitch Ratings

1 Faculty News June 18, 2012 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/2012-06-18/austerity-doesn-t-pay-as-debt-markets-ignore-rating-cuts.html) -- "'That increased the monopoly power of Moody’s and Standard & Poor’s and Fitch,' said [Richard Sylla](http://www.stern.nyu.edu/faculty/bio/richard-sylla), a financial historian at New York University’s Stern School of Business .. 'It was a bad move on the part of the government. It was a big favor to the rating agencies.'"

[Read more](http://www.bloomberg.com/news/2012-06-18/austerity-doesn-t-pay-as-debt-markets-ignore-rating-cuts.html)