Franken Targets Rating Agencies

Sen. Al Franken has written an amendment to financial overhaul legislation that would seek to prevent securities underwriters from hiring rating agencies based on which ones proved most willing to give their deals the highest possible ratings. The three largest rating agencies, Fitch Ratings, Moody's Investors Service and Standard & Poor's, have all come under fire of late for their role in the financial crisis of 2008, and would be most affected by the proposal. "If a failing student paid...Full Story
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