一、引言这次金融危机把信用评级机构推向了风口浪尖。本被它评为“AAA”级的结构性融资产品接连成为投资者的噩梦;损失在高杠杆率的撬动下被几十倍地放大;顺着资金链引发的传导效应也使银行、证券公司等金融机构再也不堪重负——金融泡沫在顷刻间被无情压 I. Introduction The financial crisis pushed the credit rating agencies to the cusp. The structured financing products it has rated as “AAA” have successively become investors' nightmares; the losses have been magnified by tens of times under the leverage of high leverage; the conduction effect triggered by the capital chain has also caused banks Financial firms such as securities firms are overwhelmed again - the financial bubble is momentarily pressureless