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Moody's on MF, "My Bad"

Started by Riversider
about 14 years ago
Posts: 13573
Member since: Apr 2009
Discussion about
“Moody’s analysts did not have any understanding that MF Global was instead exposing its own capital in amounts representing a multiple of its outstanding common equity for the purpose of generating trading profits,” the credit rating agency said in its January 17 letter. In a letter to a House investigations subcommittee, led by Randy Neugebauer, a Texas Republican, Moody’s said it thought MF Global’s bet was “client-driven” and that the company was protected by hedges. http://www.ft.com/intl/cms/s/0/7546a9ee-4a88-11e1-8110-00144feabdc0.html#axzz1kw8hZyEk
Response by Riversider
about 14 years ago
Posts: 13573
Member since: Apr 2009

“S&P does not purport to audit the issuers it rates and does not undertake to police issuers for fraudulent activity or misconduct,” Craig Parmelee, managing director at S&P wrote.

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