SEC finds 'apparent failures' at credit rating agencies (BBC)

[eppur_se_muova]

The Securities and Exchange Commission (SEC) has discovered "apparent failures" at 10 credit rating agencies.

It said it was concerned that the agencies - including Standard & Poor's (S&P) and Moody's - were not making timely and accurate disclosures or managing conflicts of interest.

The SEC said it expected the agencies to "address the concerns".

Credit rating agencies have been criticised for their role in the financial crisis that started in 2007.

This is because a root cause of the crisis was the bad US mortgage debt that was resold around the world, debt that was given top credit ratings by the agencies.
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more: http://www.bbc.co.uk/news/business-15130032




Duh.

[provis99]

1. this goes in the "No Shit, Sherlock" category.

[dixiegrrrrl]

2. God, that's rich. "conflicts of interest". Pot, meet kettle.

[Sherman A1]

3. "apparent failures" ?

pardon me for a moment......



:banghead: