Calif. AG Eyes Credit Rating Agencies

Law360, New York (September 17, 2009, 6:01 PM EDT) -- California's attorney general has launched an investigation into credit rating agencies' role in fueling the economic crisis, slapping subpoenas on Standard & Poor's, Moody's Investors Service and Fitch Ratings in an attempt to determine whether the firms violated state law when they gave high ratings to allegedly risky assets.

California Attorney General Edmund G. Brown Jr. said Thursday that the subpoenas were meant to examine the process by which the three agencies came to give their highest ratings to complicated financial instruments — including securities backed...
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