{"id":196026,"date":"2008-05-28T23:19:00","date_gmt":"2008-05-29T04:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/05\/28\/finally-sec-looks-at-prime-enabler-of-the-big-shpile\/"},"modified":"2008-05-28T23:19:00","modified_gmt":"2008-05-29T04:19:00","slug":"finally-sec-looks-at-prime-enabler-of-the-big-shpile","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/05\/28\/finally-sec-looks-at-prime-enabler-of-the-big-shpile\/","title":{"rendered":"Finally!!!!  SEC Looks At Prime Enabler of the Big Sh%$pile!"},"content":{"rendered":"<p>The SEC is <a href=\"http:\/\/www.cnbc.com\/id\/24828441\/for\/cnbc\/\">looking at how the ratings agencies do business<\/a>:<\/p>\n<blockquote><p>The U.S. Securities &#038; Exchange Commission (SEC) is looking into the workings of the three main credit rating agencies, prompted by their handling of the subprime crisis and a report of computer errors at Moody&#8217;s <mco.N>.<\/p>\n<p>&#8220;We sent letters to Moody&#8217;s, Standard &#038; Poor&#8217;s and Fitch asking for them to get back to us on aspects of their methodology,&#8221; said Erik Sirri, director of the SEC&#8217;s trading and markets division.<\/p><\/blockquote>\n<p>The basic problem, however, is that they are paid by the people that they rate, creating an inherent conflict of interest.<\/p>\n<p>This is at the core of many of the problems that we are seeing now.  The felons are running the prison.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEC is looking at how the ratings agencies do business: The U.S. Securities &#038; Exchange Commission (SEC) is looking into the workings of the three main credit rating agencies, prompted by their handling of the subprime crisis and a report of computer errors at Moody&#8217;s . &#8220;We sent letters to Moody&#8217;s, Standard &#038; Poor&#8217;s &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985],"tags":[],"class_list":["post-196026","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196026"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=196026"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196026\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}