“The House Oversight and Government Reform Committee held a hearing titled, Credit Rating Agencies and the Financial Crisis on Wednesday, October 22, 2008…The hearing examined the actions of the three largest credit rating agencies, Standard & Poors, Moodys Corporation, and Fitch Ratings, leading up to the current financial crisis.”
- A preliminary hearing transcript is available for download.
List of links to witness testimony and associated documents - From list referenced above, Moody’s Town Hall Transcript, September 2007: “You can see that much of the criticism about our rating has revolved around the rating, these high rating assignments on structured securities have failed to capture the changes in price movements. The market value of these transactions has plummeted and the rating agencies got it wrong because they assigned investment grade, in many cases high investment grade ratings…”
- Related postings on financial system
- New York Times: Credit Rating Agency Heads Grilled by Lawmakers
