According to an article published in the Wall Street Journal in 2016, "Moody's Investors Service has agreed to pay $130 million to end a prominent lawsuit alleging crisis-era misconduct." The article also noted: "The industry's business model ... remains in place."
a. What is the industry's business model?
b. Is there a relationship between the industry's business model and the misconduct the rating agencies were accused of during the financial crisis of 2007-2009? Briefly explain.
c. Why does the industry's business model remain in place?