SEC Finds Rampant Violations Among Credit-Rating Agencies

Law360, New York (November 15, 2012, 6:16 PM EST) -- The U.S. Securities and Exchange Commission on Thursday issued a scathing report on the credit-rating industry, revealing that agencies changed their rating methods without telling anyone and didn't downgrade securities as soon as they should in addition to a host of other violations.

In some cases, agencies ran afoul of their internal policies and procedures; in other cases, they may have broken SEC regulations, said Abe Losice, assistant director of the SEC's Office of Credit Ratings, in discussing the second annual report.

The SEC's findings prompted the...
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