SEC Probing Main Credit Rating Agencies


	SEC Probing Main Credit Rating Agencies

Forbes Markets

5-27-2008 9:03 AM

605 views

tags:

sec, regulation, sub-prime mortgages, credit crisis, credit rating

Forbes Markets says:

A bit of closing the stable door after the horse has bolted here.

1 Comment |

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5-27-2008 9:44 AM

Thomas Au

The SEC is concerned mainly with process, not outcomes. It doesn't seem to matter to them what the results are, only that the proper procedures were followed in arriving at those results.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0e1cbc14-2d0c-4987-8dd4-2003ff6c09c7/CD0969BD-5D22-49FE-92E9-B845DEDEB53D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.reuters.com/article/businessNews/idUSL2619694120080526?feedType=nl&feedName=usdai" href="http://www.reuters.com/article/businessNews/idUSL2619694120080526?feedType=nl&feedName=usdai" style="font-size: 11px;">www.reuters.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSL2619694120080526?feedType=nl&feedName=usdai"><P>The U.S. Securities & Exchange Commission (SEC) is looking into the workings of the three main credit rating agencies, prompted by their handling of the subprime crisis and a report of computer errors at Moody's (MCO.N: <A href="http://www.reuters.com/stocks/quote?symbol=MCO.N">Quote</A>, <A href="http://www.reuters.com/stocks/companyProfile?symbol=MCO.N">Profile</A>, <A href="http://www.reuters.com/stocks/researchReports?symbol=MCO.N">Research</A>).</P><SPAN id="midArticle_1"></SPAN>
<P>"We sent letters to Moody's, Standard & Poor's and Fitch asking for them to get back to us on aspects of their methodology," said Erik Sirri, director of the SEC's trading and markets division.</P><SPAN id="midArticle_2"></SPAN>
<P>"We asked them to explain the policies and procedures used to detect errors in ratings of structured finance products and to tell us about any errors that they found in structured finance products over the last four years, including steps that they followed to correct the problem," he added.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/CD0969BD-5D22-49FE-92E9-B845DEDEB53D/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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