No smoke without fire

Editor's blog

The rating agencies have suffered a bad press and a good deal of finger pointing since the subprime crisis broke last year. And this is set to increase thanks to a new report released on Tuesday by the US Securities and Exchange Commission (SEC). The report reveals the extent of the conflicts of interest in the rating of residential mortgage backed securities and collateralised debt obligations by the credit rating agencies.

Extracts from anonymous analysts’ emails reproduced in the SEC report de