Rating agencies under fire again in Congress
Research due to be presented today to a Senate subcommittee shows major rating agencies gave optimistic credit ratings to keep profits high.
An 18-month study by the US Senate's Permanent Subcommittee on Investigations (PSI) will accuse the major credit rating agencies of widespread failings. The committee said its research, due to be published later today, includes case studies from Standard & Poor's and Moody's, showing the agencies' assessments of mortgage-linked securities were the result of error, incompetence, delay and a willingness to let profits come ahead of honest risk assessment.
Hearings today will investigate the role
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