Credit rating agency execs tell it like it is
Former employees of Standard & Poor's and Moody's testified about the credit rating process when it came to exotic offerings. Apparently, there was a "disconnect" between management and the analytical employees managers who assigned bond ratings. He told Senators that management placed lots of pressure on analysts in an effort to generate fees. Clients found ways to game the ratings process. And many employees left to work for the banks whose products they once rated. Many employees quit after clashing with management. Article
Comments