News Summary: Raters, regulators cited in failure
Posted at: 11/15/2012 6:05 PM
By The Associated Press
BLAME GAME: A House panel says credit rating agencies and federal regulators contributed to MF Global’s collapse last year But pinned most of the blame on ex-CEO Jon Corzine.
RISKY BUSINESS: The report issued by Republicans found Corzine’s risky strategies caused MF Global’s bankruptcy. iT also says rating agencies Moody’s and Standard & Poor’s failed to identify the biggest risk to MF Global: its $6.3 billion bet on European countries’ debt.
COMMUNICATIONS BREAKDOWN: The report says the Securities and Exchange Commission and the Commodity Futures Trading Commission failed to share key information about MF Global with each other.
(Copyright 2012 by The Associated Press. All Rights Reserved.)