Robert F. Engle - I think the credit default swaps can take the place of the rating agencies

I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this procedure and are quite conflicted by the way the ratings are paid for. So, I would like to see credit default swaps become an evermore important way of understanding credit risk in the economy.

- Robert F. Engle

topic: Thinking, Agency, Risk, Credit Default Swap