Investors don't just want to keep credit ratings around—they want to keep credit ratings from the current big three. After the crisis, in 2010, Jules Kroll, a well-known investigator, formed Kroll Bond Ratings in order to provide investors with an alternative. But Kroll noted in his testimony that investors often require before they'll buy a security that it have not just a rating, but a rating from Moody's, Standard & Poor's, and/or Fitch. Kroll Bond Ratings took an informal survey of the top 100 pension funds, and found that of the 67 that published their guidelines, almost two-thirds required a rating from at least one of the top three firms. "It is self-evident that this practice further entrenches the incumbent rating agencies," wrote Kroll in his prepared remarks.