The Real Deal Miami

SEC report slams rating agencies

July 09, 2008 12:25PM

A 37-page report released by the Securities and Exchange Commission claims that major rating firms, like Fitch, Moody’s and Standard & Poor’s, faced conflicts of interest and considered their own profits when rating securities, including those backed by subprime mortgages. Some investments that were given top AAA ratings later plummeted in value.