<P> "Oh God, are you kidding? All the time . I mean, that's routine . I mean, they would threaten you all of the time...It's like,' Well, next time, we're just going to go with Fitch and S&P ."' </P> <P> At Standard & Poor's rating service one subpoenaed email sent by a security - issuing banker angry over possible revision of residential mortgage - backed security ratings, told an analyst: "Heard your ratings could be 5 notches back of moddys (sic) equivalent, Gonna kill you resi biz . May force us to do moddyfitch (S&P competitors Moody's and Fitch Rating) only ..." </P> <P> Another email between colleagues at Standard & Poor's written before the bubble burst, suggests awareness of what would happen to the securities they were giving top ratings to: "Rating agencies continue to create and (sic) even bigger monster--the CDO market . Let's hope we are all wealthy and retired by the time this house of cards falters ." </P> <P> Critics have claimed there was a conflict of interest for agencies--a conflict between accommodating clients for whom higher ratings of debt mean higher earnings, and accurately rating the debt for the benefit of the debt buyer / investor customers, who provide no revenue to the agencies . Being a publicly traded firm intensifies the pressure to grow and increase profits . Of the two biggest agencies Moody's became a public firm in 2001, while Standard & Poor's is part of the publicly traded McGraw - Hill Companies . </P>

What role did rating agencies play in the financial crisis