But that's not necessarily bad news for the economy—or even for the banks.

"Transformed" industry has more regulatory oversight and internal safeguards.

The Justice Department files suit against S&P and its rating of mortgage-backed securities, citing the band Talking Heads in complaint.

The ratings agency Moody's could lower credit ratings on the bonds of several U.S. banks this month. The downgrades could send ripples, but not shock waves, throughout the economy.

Ratings agency Fitch has downgraded major banks like Goldman Sachs and Bank of America, but the credibility of such agencies is also waning.

Europe and the U.S. are both exploring new options for judging the value of debt after increasing threats of downgrade from agencies like S&P and Moody's.

As economic turmoil continues in Europe, leaders there — and here in the U.S. — are weary of the blind reliance on ratings agencies to value debt.

…That's the opposite of expected – what's it mean? Another ratings agency escapes fraud charges For CEOs, it may pay to lay off A big whopper:…

/**/ Sales of previously occupied homes fell in June; new unemployment benefit plans rose. Yet at this writing, Wall Street's jumping. What d…