S&P Prez Tells SEC To Ditch Industry Reform Plan

Law360, New York (May 14, 2013, 1:30 PM EDT) -- Standard & Poor's, the target of a U.S. Department of Justice fraud suit over its handling of mortgage-backed bonds before the financial crisis, opposes broad efforts to reform the credit rating industry, the firm's president said Tuesday at a U.S. Securities and Exchange Commission roundtable.

Speaking at the confab on supposed conflicts of interest in the industry, Douglas Peterson criticized a proposal for the government to assign rating agencies to review particular structured finance deals. Such a system could be overly costly, difficult to implement and may sow confusion and uncertainty among market participants, he said.

"We believe that a government-run assignment...

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