Standard & Poor’s, the world’s largest rating agency, announced a broad overhaul of its rating system yesterday, in response to criticism that it was too lenient in grading subprime-mortgage-backed securities. Its critics weren’t mollified. S&P’s “piecemeal changes” look “more like public relations window dressing than systemic reform,” said New York Attorney General Andrew Cuomo, who is investigating the agencies. (The Washington Post, free registration)
The Bottom Line
February 8, 2008
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