Shocked, I tell you: SEC finds failures at credit-rating agencies

[n2doc]

Reuters
10:41 a.m. CDT, September 30, 2011

The U.S. Securities and Exchange Commission staff found "apparent failures" at each of the 10 credit rating agencies it examined, including Standard & Poor's and Moody's, the agency said on Friday in its first annual report of credit raters.

The SEC staff said concerns include failures to follow ratings methodologies, failures in making timely and accurate disclosures and failures to manage conflicts of interest.

The SEC's annual report was required by last year's Dodd-Frank financial oversight law.

The staff report did not single out by name any credit-rating agency for questionable actions.

http://www.chicagotribune.com/business/breaking/chi-sec-finds-failures-at-creditrating-agencies-20110930,0,3793710.story

It also said the SEC has not determined that any of the report's findings constituted a "material regulatory deficiency" but said it might do so in the future.

I'm not gonna hold my breath on that one

[midnight]

1. K&R

[ShockediSay]

2. Nice, you get a 6 or 7 figure salary plus bonus plus inside info for

screwing us!

Which way to occupy Wall St?

[jwirr]

3. Tell us about it. I grew up in a world where you needed collateral to

get a loan and am ending my years in a world where they give you a loan so that you can default and they can sell it for a profit. No regulations needed? :sarcasm: