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Congress mauls bosses of credit ratings agencies

Source: The independent

Washington : DC : USA | about 1 year ago

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The system for assigning credit ratings to complex mortgage derivatives, which handed out gold-plated ratings to investments that have turned out to be worthless, was damned as "nuts" and as having created "a monster" – and that was just by senior employees at the rating agencies. US politicians...

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ECONOMY-US: From the Guys Who Brought You Enron...

News Source: Inter Press Service | about 1 year ago

The global credit agencies Moody's, Standard and Poor's and Fitch propelled the financial meltdown by giving high marks to failing financial companies and their risky, sub-prime investments, lawmakers said Wednesday. "The story of the credit rating...
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News Source: Androscoggin News | about 1 year ago

Current and former regulators will be on Capitol Hill to talk about their role in the financial meltdown. Government regulators have come under sharp attack for the current crisis and some get their say this morning. House Oversight and Government...
Greenspan, head of government rescue program to testify about financial ...

News Source: Star Tribune | about 1 year ago

Lawmakers have called key players from the past and present to congressional hearings in an effort to find out what caused the biggest financial crisis since the 1930s and determine how the government plans to get the nation out of the mess. Alan...
Rating agencies face the music

News Source: The Globe and Mail | about 1 year ago

Mooney wrote. "It could be structured by cows and we would rate it." The exchange was one of several internal e-mails and company documents released yesterday by a U.S. congressional committee probing the role the three major rating agencies played...
Credit-Rating Firms Grilled Over Conflicts

News Source: Washington Post | about 1 year ago

Waxman (D-Calif.), chairman of the House Oversight and Government Reform Committee. "Millions of investors rely on them for independent, objective assessments. The ratings agencies broke this bond of trust, and federal regulators ignored the warning...
House committee grills credit raters

News Source: The Mercury News | about 1 year ago

The Los Angeles Democrat said, "Millions of investors rely on them for independent, objective assessments. The rating agencies broke this bond of trust, and federal regulators ignored the warning signs and did nothing to protect the public. The...