SEC Meet Aims To Fix 'Broken' Rating Agency System

Law360, New York (March 25, 2009, 12:00 AM EDT) -- The credit rating agency system is “broken,” participants in a U.S. Securities and Exchange Commission roundtable discussion told commissioners Wednesday, adding that investors’ over-reliance on major agencies' credit ratings has created a systemic risk in U.S. financial markets.

As a part of an ambitious push to boost investor confidence during her first 10 weeks in office, SEC Chairman Mary L. Schapiro convened representatives and experts from ratings, financial and regulatory organizations to provide a range of perspectives on how the SEC can use credit rating regulations...
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