In the wake of the announcement this week that the U.S. Department of Justice was bringing forth a $5 billion lawsuit, alleging that Standard and Poor's defrauded investors during the financial crisis, some industry insiders say that this behavior at the "Big 3" agencies is still ongoing.
"Many of the practices you're seeing in [the DOJ's lawsuit with S&P] are still going on, shaping things in order to get more business. [The major ratings agencies] are still selling out," said Jules Kroll, CEO of Kroll Bond Ratings, a New York-based ratings agency. S&P "needs a great lawyer. The game is not over for Moody's and Fitch, either."
"Investors have been looking for better quality and legitimate research" in credit ratings, he said on CNBC's "Squawk on the Street." "It is not just about getting more business, it's about putting the investors first. That is still lacking in this industry."