Thursday, August 16, 2007
Time to sniff out complicity and fraud?
The European Commission is to investigate credit ratings agencies amid growing dismay over their slow response to the subprime mortgage crisis. Officials in Brussels, and many other critics, believe the ratings agencies failed to act quickly enough to warn investors about the risks of investing in securities backed by US subprime mortgages – the sector whose troubles triggered the recent global market volatility. "A lot of money has been lost and we want to know who gets the can of woopass opened on them" ;)