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US SEC EXPECETED TO VOTE ON POSSIBLE CHARGES AGAINST RATING FIRM EGAN JONES ON THURSDAY - RTRS
POSSIBLE CHARGES STEM FROM ALLEGED WILFUL MISTATEMENTS ON EGAN JONES' REGULATORY APPLICATION WITH SEC - RTRS
Egan-Jones, which is based in Haverford, Pennsylvania, has been faster than the big-three ratings agencies in downgrading some developed countries and certain companies in the wake of the global financial crisis. Its actions usually have little market impact, but in November it made headlines when it downgraded Jefferies Group over concerns about euro-zone debt exposure, contributing to a sell-off in the shares of the midsize investment bank. The subscriber-paid model, Sean Egan has said, eliminates a key source of conflict that policymakers have since flagged as a root of the U.S. housing crisis of 2008, when subprime-related securities received top ratings from the nation's three leading credit-rating firms: Moody's, McGraw-Hill Cos Inc's Standard & Poor's, and Fimalac SA's Fitch.
Originally posted by benrl
Did anyone not realize the US is not above strait up extortion and bullying to get what it wants? Its a message to anyone else that would question the US credit worthiness further.
Originally posted by skuly
Two weeks ago the rating agency Egan Jones downgraded the US from AA+ to AA outlook negative
and is now faceing charges from the US goverment.
Originally posted by alfa1
"and is now facing"???
Doesnt it worry you in the slightest that this news item pertains to an ongoing legal battle that has been running continuously since the application to the SEC of 2008