"To the Brink of Destruction exposes how America's rating agencies helped generate the global financial crisis of 2007 and beyond, surviving and thriving in the aftermath. Despite widespread scrutiny, rating agencies continued to operate on the same business model and wield extraordinary power, exerting extensive influence over public policy. Timothy J. Sinclair brings the shadowy corners of this story to life by examining congressional testimony, showing how the wheels of accountability turned--and ultimately failed--during the crisis. He asks how and why the agencies risked their lucrative franchise by aligning so closely with a process of financial innovation that came undone during the crisis. What he finds is that key institutions, including the agencies, changed from being judges to being advocates years before the crisis, eliminating a vital safety valve meant to hinder financial excess."-- Provided by publisher.

The agencies and what they do -- How to think about the agencies -- The agencies and financial innovation -- Cogs in the wheel of financial destruction -- Aftermath -- Addendum: convenient villains and all-purpose bogeymen -- I'll be gone. You'll be gone.