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Sunday, August 21, 2011

Corrupt Moody’s

Reuters:
An ex-Moody's Corp derivatives analyst said the credit-rating agency intimidated and pressured analysts to issue glowing ratings of toxic complex, structured mortgage securities.

In a 78-page letter to the Securities and Exchange Commission, William Harrington outlined how the committees that make the ratings decisions are not independent and how managers often intimidated analysts.
And this is surprising ... how?

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