[nickff]

Perhaps this proposed drug testing regime would be more comparable to auditing firms.[1] Arthur Andersen went under after it lost credibility in the eyes of shareholders, as a result of the Enron scandal. On the other hand, from everything I have read the ratings agencies were simply 'going through the motions', and cashing in on their government mandated service. No large investors trusted the ratings agency to begin with, the investors were all gaming the system, and the agencies were playing along to get a piece of the action.[2]

[1] http://en.wikipedia.org/wiki/Big_Four_(audit_firms)

[2] http://en.wikipedia.org/wiki/Big_Three_%28credit_rating_agen...