The rating agencies were part of the scam to rip off Oakland California, Philadelphia PA and many other US municipalities.

The real story surrounding the news that the London Interbank Offering Rate was manipulated is that the financial system that mechanism is a part has died, and a return to the Glass-Steagall Act in both London and the United States is the first step to replacing that system. For more on LIBOR see the LIBOR Package.

for example, the rating agencies were part of the fraud. The fixed rate to floating rate swap frauds.