US Senate finds rating agencies influenced by banks
The two largest rating agencies were excessively influenced by banks into giving instruments too high ratings and delaying downgrades, a damning investigation by the US Senate has said.
A report by the Senate Permanent Subcommittee on Investigations, published on Friday, found the relationship between credit rating agencies, Standard & Poor's (S&P) and Moody's, and the banks undermined the impartiality of credit ratings and delayed downgrades in the mortgage markets. The report also accused the
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