"Conflicts of interest were largely responsible for the disastrous performance of credit rating agencies in assessing risks of mortgage-backed securities, two former high-ranking officials at Moody's Investors Service and Standard & Poor's said Wednesday in Congressional testimony" Gretchen Morgenson at http://www.nytimes.com/, 23 October 2008.
Congress will have as much success at cleaning up the ratings agency mess as it has had the large CPA firms, none.
1 comment:
Gretchen is one of my favorite business vigilantes.
She rakes corrupt biz folks over the coals.
True Fourth Estate.
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