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Now your lobbyists are pressing members of Congress to weaken further the provisions affecting rating agencies in the Dodd-Frank law in ways that will raise the risk-consequences for the savings and investments of innocent people. See the strong critique of your looming downgrade by arch-conservative columnist Holman W. Jenkins in the January 27, 2011 Wall Street Journal titled, “Who Elected the Rating Agencies?” Mr. Jenkins wrote that not only are your caveats overblown, but he concluded that, “it is foppish in the extreme of S&P to imagine its opinion is needed or valued, and one more reason to expedite a rare useful provision of Dodd-Frank – it’s requirement that federal law be purged of language requiring investors to act on the opinions of rating agencies.”
via Warning to Ratings Agencies – The Nader Page.
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Filed under: economy, News, politics, progressive politics, Ralph Nader, rants, US Politics Tagged: | Credit rating agency, Dodd–Frank Wall Street Reform and Consumer Protection Act, Moody's, Ralph Nader, Standard & Poors, united states, Wall Street Journal
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