ML-Implode News - Fraud Probe At Moody's

"Schumer, Cox, Dresslar, Lockyer, etc are all missing the boat. The problem is emphatically NOT lack of regulation. The problem is misguided regulation by the SEC that created government sponsorship of Moody's, Fitch, and the S&P. The solution is to strip Moody's, Fitch, and the S&P of their clearly unwarranted government sponsorship."

Also see Ah, the Irony: S&P May Cut Moodyâ€™s Ratings.

And this just in:

The Wall Street Journal reported Friday that the credit rating agency at times allowed banks to determine which analysts covered their deals, switching analysts at the bank's request.

Time to stick a fork in the ratings tri-opoly. Or at least Moody's.

Relevant:

Fraud Probe At Moody's