Thursday, October 23, 2008

Rating Agencies on the Griddle

(Footnoted.org) Despite the blustery weather in New York today, I’m guessing there’s a few New Yorkers who wish they were ensconced on the quiet car of the Acela instead of being chewed out by a parade of Congressmen (and women) for their role in the credit crisis. For the past four hours, I’ve had the Committee on Oversight and Government Reform on in the background as it has poked and prodded a number of different witnesses, including the CEOs of Moody’s (MCO), Standard & Poor’s (a unit of MHP) and Fitchon the role that the different agencies played leading up to the current mess we’ve found ourselves in.

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