Quote from InsureReinsure.com: “Senator Charles Shumer reportedly commented that although the SEC doesnt name names, these findings show searing abuse by the rating agencies and suggested that the next appropriate step was the filing of enforcement actions.”
The ratings agencies are under the Federal gun. They’re going to say whatever will save their hides.
Aren’t these the same guys who told us that Fannie and Freddie were AAA until after the crash?
These guys just say whatever they are told to say and are not to be taken seriously.