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Released: May 19, 2011
SEC proposes new rules for credit-ratings firms
Source: David Hilzenrath, Washington Post (Free Registration)
Regulators took new steps Wednesday to overhaul the firms whose credit ratings inspired overconfidence in investments tied to toxic mortgages. The Securities and Exchange Commission proposed rules meant to improve the system by which such firms as Moody’s and Standard & Poor’s assign ratings to bonds and other securities. Rosy ratings have been cited as one of the main causes of the subprime mortgage bubble and the resulting meltdown in the financial system.Read Full Article: SEC proposes new rules for credit-ratings firms
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