http://www.dailyreckoning.com.au/sec-watchdogs-slept-through-the-biggest-heist-in-history/2009/06/10/ An independent perspective on the Australian and global investment markets Sat, 21 Nov 2009 17:27:32 -0600 http://wordpress.org/?v=2.8 hourly 1 http://www.dailyreckoning.com.au/sec-watchdogs-slept-through-the-biggest-heist-in-history/2009/06/10/comment-page-1/#comment-83243 GaryB Thu, 11 Jun 2009 01:09:16 +0000 http://www.dailyreckoning.com.au/?p=6253#comment-83243 Will the SEC have the balls to go after the rating agencies? In the sub-prime mess, the part played by the rating agencies appears to have been deliberate fraud. The bankers and mortgage brokers originated sub-prime loans, the investment banks packaged up the sub-prime mortgage-based equities, but it was the rating agencies that stamped the crap as "investment grade", presumably knowing full well that it was crap. If it wasn't deception, then at the least gross incompetence. Will the SEC have the balls to go after the rating agencies? In the sub-prime mess, the part played by the rating agencies appears to have been deliberate fraud. The bankers and mortgage brokers originated sub-prime loans, the investment banks packaged up the sub-prime mortgage-based equities, but it was the rating agencies that stamped the crap as "investment grade", presumably knowing full well that it was crap. If it wasn't deception, then at the least gross incompetence.

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