Christine S. Richard
The S.E.C. Finds Moody's Guilty of Breaking Its Own Rules But Still Will Charge Them With Nothing
September 01, 2010
When the really true history of the financial collapse is written there will be a special place of infamy for the three major rating agencies: Moody's, S & P, and Fitch. I'd written about them before the system-wide disaster and during the weeks and months when American capitalism was truly on the ropes. Some sectors of the economy got their comeuppance; some didn't, getting away wholly unpunished and gloating about their escape by claiming that their lies about companies and public bonds were protected by the First Amendment. Free speech has insulated many rogues and criminals.
Three Cheers For Barney Frank; Two Cheers For The Wall Street Journal
December 23, 2009
These cheers are about an issue on which Barney Frank and the editors of The Wall Street Journal agree. And I agree, too. On most matters of high finance I'm more on Barney's side than that of Paul Gigot or my old friend Daniel Henninger. But this question is less a matter of politics than of honor and honesty. Some of you may recall my own idée fixe on what an editorial in Wednesday's Journal called the "credit-ratings racket" practiced by three portentous companies: Standard & Poor's, Moody's and Fitch.