Credit Rating Fiasco.
There’s plenty of blame to go around for the ongoing credit crisis, and a House panel investigating the meltdown Wednesday cast much of it on credit ratings agencies like Standard & Poor’s for giving good-as-gold ratings to securities backed by subprime mortgage loans.
Internal company documents revealed by a House investigative panel show that company executives were well aware that there was little basis for giving AAA ratings to thousands of increasingly complex mortgage-related securities but that the companies often vouched for them anyway…
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