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Ratings agencies are said to have been bribed by their clients to issue high ratings on questionable securities leading up to the financial crises of

Ratings agencies are said to have been bribed by their clients to issue high ratings on questionable securities leading up to the financial crises of 2008. Describe how this bribe worked (how did clients pay ratings agencies, and why would the ratings agencies have been incented to give high ratings on questionable securities?).

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