WASHINGTON, Aug 19 (Reuters) - An ex-Moody's Corp (MCO.N) derivatives analyst said the credit-rating agency intimidated and pressured analysts to issue glowing ratings of toxic complex, structured mortgage securities.
In a 78-page letter to the Securities and Exchange Commission, William Harrington outlined how the committees that make the ratings decisions are not independent and how managers often intimidated analysts.
"The management of Moody's, the management of Moody's Corporation and the board of Moody's Corporation are squarely responsible for the poor quality of previous Moody's opinions that ushered in the financial crisis," he wrote.
Sunday, August 21, 2011
I THOUGHT THIS WOULD BE A BOMBSHELL
The Wapo and Reuters have reported that a senior Moody's officer has accused the firm of deliberately giving pieces of the Big Shitpile high ratings to please the investment banksters. Reuters gets right to the point:
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3 comments:
http://market-ticker.org/akcs-www?post=192441
you've heard and perhaps posted reference Tabbi's new piece?
I had heard about the SEC destroying documents but I didn't know about Taibbi's piece - Thanx!
http://rortybomb.wordpress.com/2011/08/22/on-obama-administration-pressures-of-ny-ags-office/
More evidence that primarying O
from the "left" is needed.
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