Edward J. Grebeck, Chief Executive Officer Tempus Advisors strategist in the global debt markets, NYU Lecturer in credit derivatives, and Chairman of StamSteer is a global debt market strategist and author. Ed has contributed to this blog for your information and research a copy of “The debt rating agency business after 2006: who wins?” As I said about his earlier article discussed below, this prescient warning of Structured Finance illiquidity, conflicts of interest, flawed pricing models and today's trillion dollar losses, still rings true.
The Debt Rating Agency Business After 2006: Who Wins? 
His original article commented on issues including:
25%+ ROEs and conflicts
Gradual change?
You get what you pay for
How did this start?
Relationship management lending
Rating agencies rate ‘real’ borrowers
The SEC and the NRSRO designation
Regulatory licence expands

You will also find it interesting in that most of his comments are still valid today, including one of his summary points that “Conflicts of interest and agency costs pervade investment bank originators, issuers and rating agency distribution channels.”

Ed and I continue to discuss his comments that -   It is still a house of cards; credit markets will never be the same.
• Without upgraded, new REGULATIONS, PRACTICES and PEOPLE-- additional, perhaps greater, losses lie ahead in tomorrow's debt markets.
• Because, Regulators have not addressed fundamental issues on rating agencies, financial instruments and the industry
• Clearly, the market remains skeptical of structured finance ratings and quantitative risk management technique as done by ratings agencies and banks. 
• There is a crying need for a focus on clear explanations of corporate sector risk management. Ed advocates “thoroughly reviewing assumptions behind model analytics and further, motivations behind your assumptions.
Look between the weeds, to prevent loss and identify opportunities for value creation”.