Close
Bonneville Phoenix Network
 KTAR News
 Arizona Sports
92.3 FM KTAR
Menu
Social
Latest News

News Summary: SEC settles with credit-rating firm

(AP) - SEC SETTLES: The Securities and Exchange Commission barred Egan-Jones Ratings Co. from rating governments and issuers of asset-backed bonds as a recognized rating agency for 18 months. The order came as part of a settlement with Egan Jones.

THE CHARGES: The SEC alleged that the company made false statements when applying to become a "nationally recognized" rating agency in 2008. It also said Egan-Jones repeatedly violated conflict-of-interest rules.

AND YET: The firm will likely keep offering ratings on governments and asset-backed issuers, said Bill Hassiepen, co-head of Egan-Jones' ratings desk. They just won't carry the SEC's stamp of approval.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
CenturyLink Give-A-Thon for PCH Give-A-Thon for PCH

Comments

comments powered by Disqus
Latest News