In the fallout of the subprime debacle, the blame game has started and the ratings agencies are coming under plenty of fire with the European Commission now looking at whether they should be regulated.

The truth is the ratings agencies were treating these mortgage-backed securities as solid investments until recently and now serious questions are being asked about their collusion.

"These guys rated everything AAA; now it turns out they're not performing as AAA, or how you'd expect an AAA asset to perform," an anonymous analyst told Forbes.

This morning I was talking about the issue on ABC Radio National. You can listen to a podcast of it here.