2 years ago
Lawsuit against rating agencies Standard and Poor, Moody, Fitch. Are they doing the job well ?
Saw an article on Wall Streets Journal Calpers Ratings Case Can Go Forward
Excerpt:
“The California Public Employees' Retirement System (Calper) won a court decision letting it go forward with a lawsuit against the big three ratings agencies, which it claims caused it to suffer about $1 billion in investment losses because of inaccurate ratings.”
“The agencies, which are paid to rate bonds and securities by their issuers, have been blamed for insufficient analysis of the mortgage-backed bonds that many people see as being at the center of the credit crisis.”
Do you think these US rating agencies are part of the problem in financial crisis in US (subprime financial crisis) and in Europe (sovereign debt crisis) ?
Thanks.
Excerpt:
“The California Public Employees' Retirement System (Calper) won a court decision letting it go forward with a lawsuit against the big three ratings agencies, which it claims caused it to suffer about $1 billion in investment losses because of inaccurate ratings.”
“The agencies, which are paid to rate bonds and securities by their issuers, have been blamed for insufficient analysis of the mortgage-backed bonds that many people see as being at the center of the credit crisis.”
Do you think these US rating agencies are part of the problem in financial crisis in US (subprime financial crisis) and in Europe (sovereign debt crisis) ?
Thanks.
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