Credit ratings agencies were put under the spotlight yesterday, as the Congressional Committee on Oversight and Government Reform met in Washington DC for its hearing on their role in the financial crisis that is unfolding on Wall Street. Henry Waxman, chairman of the committee, set the stage for the hearing, calling the story of the rating agencies one of "colossal failure".

Waxman told the committee: "Millions of investors rely on them for independent, objective assessments. The rating agencies broke this bond of trust, and federal regulators ignored the warning signs and did nothing to protect the public. The result is that our entire financial system is now at risk."