US Department of Justice: Independent rating agencies hung noodles ...
Today it became known that the liberal "partners" and foreign guests were still wrong. Surprisingly, the fact of the opacity of the work of international rating agencies testified (attention!) US Department of Justice. True, we are talking exclusively about the opacity of assigning a rating to the economies of individual US states. Own shirt ...
The US Department of Justice publishes a report stating that Moody's hid the real ratings of financial institutions in 21, the US state of 50 (plus DC). We are talking about events that preceded the global financial crisis that erupted in 2008 year due to the collapse of the housing market in the US and the inability of insurers to cover losses on non-payment of borrowers.
The message stated that the rating agency Moody's "Did not comply with the standards of rating assignment and did not fulfill the obligation to publish information on the basis of transparency". For this "Moody's" a fine of almost 0,9 billion dollars was issued.
Noteworthy is the fact that Moody's representatives declared their readiness to “negotiate with the federal authorities” in order to “avoid uncertainty”. It should be noted that earlier for the non-transparent assignment of credit ratings to American states and individual financial institutions, the US Department of Justice filed a lawsuit against another “independent rating agency - S&P. In 2015, to hush up the scandal, S&P paid more than $ 1,3 billion to the US federal budget.
Perhaps this is all you need to know about the "independence" of international rating agencies.
- Ihs fairplay
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