Sunday September 20, 2020

McCreevy wants credit rating agencies probed

EU Commissioner Charlie McCreevy has asked European securities regulators to examine whether management pay structures at credit rating agencies played a role in their perceived failure to raise the red flag about emerging problems in the US sub-prim

15th September, 2007

EU Commissioner Charlie McCreevy has asked European securities regulators to examine whether management pay structures at credit rating agencies played a role in their perceived failure to raise the red flag about emerging problems in the US sub-prime lending market.

The credit rating agencies have come under fire for the manner in which they rated questionable mortgage-backed securities, after those securities plunged in value, triggering the worst international credit crisis in 20 years.

Critics have argued...

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