Tuesday, July 14, 2009

SEC to the rescue!

AlphaNinja - The Financial Times is reporting that the SEC (Securities and Exchange Commission) is going to create a group to oversee the credit ratings agencies, who's conflicts of interest and broken models were largely to blame for the housing and securitization debacle.

"I also have directed the Commission staff to explore possible new regulations in this area, including limiting the potential for rating shopping,’’ Ms Schapiro said in prepared testimony to the House Financial Services subcommittee on capital markets."

Yes. The same SEC that couldn't be bothered to look into the Madoff ponzi scheme, despite being hand-delivered the case on a silver platter, is somehow going to fix the ratings agencies...

Madoff Whistle Blower

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