Credit rating agencies rapped over conflicts of interest

Regulatory Update

"I am troubled by the conflicts of interest plaguing the major rating agencies," said Michael Oxley, chairman of the committee. "Now, they are offering additional services, including consulting and hypothetical rating assessments that could further compromise their independence." Oxley said executives from Northern Trust, an Illinois-based bank, have "stated that major rating agencies have requested payment for unsolicited ratings and strong-armed the company to pay fees in return for a good

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