Friday, April 23, 2010
Rating agencies tailored reports to please clients, Senate inquiry finds
During the year leading up to the financial crisis, credit rating agencies compromised the integrity of their reports to win favor with clients and collect huge fees, according to documents released by the Senate Permanent Subcommittee on Investigations. Rating agencies waited too long to downgrade deteriorating investments, relied on obsolete mathematical models and gave in to pressure from their clients, the panel found.
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