A Congressional committee is holding a hearing today on the credit rating agencies and their role in the financial crisis.
Specifically, the big 3 ratings agencies - S&P, Moody's and Fitch - kept companies' credit ratings high for years after they should have been slashed due to inadequate capital, overstated assets, over-exposure to derivatives and other risky investments, and other chronic problems.
Indeed, emails show that the rating service employees knew they were acting fraudulentlyRead more @ George Washington's Blog
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