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A complaint has been filed with the antitrust division of the U.S. Department of Justice claiming that the top credit-rating services in the United States, which control an estimated 90 percent of the industry, are complicit in hiding billions of dollars of China's debt.
The complaint, which is available online, was filed by Sovereign Advisers on behalf of Starwood Trust and other "defaulted creditors." It accuses Standard & Poor's and Moody's Investors Services of willfully concealing China's debt and providing those interests with good credit ratings to profit from the rating service.
The complaint also has been filed with the European Commission Directorate General for Competition, according to Kevin O'Brien, president of Sovereign Advisers, which explained its complaint was brought on behalf of the Starwood Trust.
The organization represents lenders, both American and international, that loaned China money during the era largely between World War I and World War II.
reply to post by MichaelPMaccabee
The banksters would never wipe away a debt that u are supposed to owe. Instead, welcome to slavery all over again. So far they say that each man, woman and child living in the united states as a citizen owes more than 40,000 dollars each. So your child is born into a debt and that debt is rising each and every day. Soon it will be like it says in the bible about a loaf of bread. We owe nothing, they created the mess of irresponsible spending that led us into this mess. We were sold out. Give the debt to someone else, how rediculous. You sound like u are owned already and u want someone to buy you on the market. Jeez.