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This isn't a local issue – more of a global one, that I post here only because I think we may get close to some of the origins of the financial crisis that is causing such widespread disruption. These are the view's of one man, a Moody's insider.
I've just come across this submission of just a few days ago, to the Securities and Exchange Commission by a former Moody's man.
The credit ratings agencies have come in for some attention as a factor in the October 2008 financial meltdown. It shows the pressure that analysts were under from their management and from banks to give favourable ratings to financial instruments.
Comment on SEC proposed rules for Nationally
Recognized Statistical Rating Organizations
Link to 712 kb PDF file
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