TV News LIES

Saturday, May 30th

Last update10:15:12 PM GMT

You are here News Congress Credit rating Industry wrote provision that undercuts credit-rating overhaul

Credit rating Industry wrote provision that undercuts credit-rating overhaul

E-mail Print PDF

Moody'sMoments before the Senate overwhelmingly passed a bill to overhaul the credit ratings industry seven years ago, Republican and Democratic sponsors took turns touting its promise for ending an entrenched oligopoly.

The bill, they said, should break the vicelike dominance of three agencies – Standard & Poor’s Ratings Services, Moody’s Investors Service and the smaller Fitch Ratings – in an industry that serves as a crucial watchdog over the nation’s financial system.

What’s escaped public scrutiny until now, however, is that the law’s tough criteria defining when a newcomer could join the industry weren’t written by Congress. They were crafted by a yet-to-be-identified official of one of the big three ratings agencies, a former aide to the Senate Banking Committee has told McClatchy.

Experts and the heads of unregistered ratings firms worry that congressional staffers, in seeking help to ensure that fly-by-night companies couldn’t win federal approval, inadvertently let the fox into the coop.

TVNL Comment:  So, what else is new?  ALEC writes domestic laws for Congress and state legislatures, AIPAC determins Middle East policies, energy companies control government regulatory laws....on and on and on.  Why is it surprising that rating companies draw up bills that determine their control of the financial system of the US?  Wake up, America.

More...

 


Most Recent Related Stories...


Inside AIPAC's Quiet Campaign To Blur Israeli Settlement Lines

NetanyahuWhen the Senate passed a high-profile piece of trade legislation last Friday, lawmakers simultaneously approved a...

Senate clears White House-backed trade bill

senate passes trade billIn a victory for President Barack Obama, the Senate passed bipartisan legislation Friday night to strengthen...

Here’s how much corporations paid US senators to fast-track the TPP bill

Corporate money to Senate for fast tracking TPPA decade in the making, the controversial Trans-Pacific Partnership (TPP) is reaching its climax and as...

Patriot Act is on life support

Patriot Act on life supportA stalemate in the Senate would leave the FBI and National Security Agency (NSA) without powers...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!