A Frankenstein blaming the monster!
Sir, FT´s Tobias Buck reports, September6, that Charlie McCreevy, the EU internal market commissioner attacked the credit rating agencies for their role in the subprime mortgage crisis. Yes clearly they did not do their homework but the last ones who have the right to voice criticism against them must be the regulators who empowered these agencies to decide so much.
McCreevy mentions that “credit rating agencies provide ratings that are widely relied upon by investors” but he should do well reading The First Pillar – Minimum Capital Requirements by the Basel Committee on Banking Supervision in order to understand that the investor´s reliance is far from voluntary.
McCreevy mentions that “credit rating agencies provide ratings that are widely relied upon by investors” but he should do well reading The First Pillar – Minimum Capital Requirements by the Basel Committee on Banking Supervision in order to understand that the investor´s reliance is far from voluntary.
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