Washington – U.S. lawmakers plan to look into the relationship between bankrupt mid-size brokerage firm MF Global Holdings Ltd’s former CEO Jon Corzine and the major credit-rating agencies, The Wall Street Journal reported on Thursday, citing a person familiar with the matter.
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MF Global’s credit ratings were cut to junk in the days before its October 31 bankruptcy.
A U.S. congressional subcommittee plans a December 15 hearing with regulators and top MF Global officials to review the firm’s collapse. The House Financial Services Subcommittee for Oversight and Investigations has invited Corzine and Bradley Abelow, the firm’s chief operating officer.
The Journal, citing its source, said the committee’s members plan to look into the interactions between Corzine and rating agencies like Moody’s Investors Service, Standard & Poor’s and Fitch Ratings and whether their judgment was clouded by the prominence of the former New Jersey governor and one-time head of Goldman Sachs.
Lawmakers haven’t yet asked any firm to attend the hearing, the Journal’s source said.
Representatives for Moody’s, S&P, Fitch and MF Global did not immediately respond to requests for comment.
A representative for Corzine could not immediately be reached.
Unbelievable! They are now looking into ties between MF Global & credit reporting agencies?!
Ok, it’s official! I give up! (lol)
Anybody who’s going to come on here & stick up for this way of life, this way of doing business & these people who are ruining our American Dream…
Clearly must be a part of the 1%, or living in a dream-like state where everything is opposite from how reality really is!
This ONE instance just goes to show you the kinds of practices on Wall Street!!!
But where is the justice for the hard working middle American family, who *doesn’t* steal, lie & cheat just to get ahead?!
We’re all suffering over here & these rich corrupt people move imaginary money around like it’s an online computer game & as if there aren’t REAL people who’s lives they are ruining behind those numbers!
I hope people from all walks of life will STOP fighting amongst each other & will join forces to scream “enough is enough” at all of this!
The right-wing media & the GOP establishment want you to H-A-T-E the poor people down at OWS.
But DON’T fall for it! Those people represent your family & your own friends!
We’re ALL the 99%!
But who does Wall Street represent?!
NOT YOU!!!
Biden says corzine is the smartest man biden ever met