Crisis of faith

Regulatory News

The first half of 2008 has seen a deluge of comment on the role played by the big rating agencies in the year-old credit market crisis, but perhaps the most succinct summary of the agencies' failure can be found in the report published by the Securities and Exchange Commission (SEC) on July 8, following a 10-month investigation. In one of the two million emails and instant messages that were turned over to the SEC, one unnamed agency analyst tells a colleague of her fear that the firm's model

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