Friday, August 5, 2011

AHA..Italian prosecutors probing rating agencies Moody's and S&P after consumer groups complain


Recent reports and rating decisions issued by Moody's and Standard & Poors were tantamount to "failing" Italy even before the government could complete austerity moves meant to boost the nation's reputation in the markets "and while the markets were open," prosecutor Carlo Maria Capristo told Italian broadcaster Sky TG24 TV.
Investigators seized documents in offices of both firms, prosecutors said during a televised news conference.
The probe began months ago, spurred by contentions from Italian consumer groups that unjustifiably pessimistic rating reports were causing Italian stocks to tank. Prosecutors must begin a probe after such complaints.
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