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GAAP.RUNewsUS ratings agencies ignored fraud warnings

US ratings agencies ignored fraud warnings

Agencies were influenced by banks

Author: Pat Sweet

Publication date: 23 April 2010

A US congress investigation has found that the top two US rating agencies – Moody’s and Standard & Poor’s - deliberately ignored signs of fraud in the lending industry in the run-up to the financial crisis.

A US congress investigation has found that the top two US rating agencies – Moody’s and Standard & Poor’s - deliberately ignored signs of fraud in the lending industry in the run-up to the financial crisis.