Moody’s, S&P Triggered Financial Crisis, Congressional Report Finds

Moody’s, S&P Triggered Financial Crisis, Congressional Report Finds

WASHINGTON (Rachelle Younglai and Sarah N. Lynch) – Moody’s Corp and Standard and Poor’s triggered the worst financial crisis in decades when they were forced to downgrade the inflated ratings they slapped on complex mortgage-backed securities, a U.S. congressional report concluded on Wednesday.

In one of the most stark condemnations of the credit rating agencies, a Senate investigations panel said the agencies continued to give top ratings to mortgage-backed securities months after the housing market started to collapse.

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