Committee hears of rating agency inertia as crisis built

A US senate subcommittee heard accounts this morning of inertia and inattention at the credit rating agencies as the subprime crisis built up earlier this decade. Former employees of Standard & Poor's and Moody's described how management ignored analysts' warnings that their models were inadequate or out of date, and refused to reappraise existing deals for fear of losing market share, in testimony to the Permanent Subcommittee on Investigations. 

"Things got substantially more haywire after

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