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Moody's Raters Violated Rules; Employees Improperly Ranked European Bonds, Company Says
- Article from:
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The Washington Post
- Article date:
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July 2, 2008
- Author:
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Copyright informationCopyright 2008 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Moody's, the world's second-largest credit-rating company, ousted
the head of its structured-finance unit and said employees violated
internal rules in assigning ratings to last year's worst-performing
securities.
Noel Kirnon, 47, will leave after a company review showed that
some staff members at Moody's Investors Service breached rules for
ranking European constant proportion debt obligations, or bonds
backed by derivatives, the company said in statements yesterday.
Moody's awarded Aaa ratings to at least $4 billion of CPDOs, as the
securities are known, before they lost as much as 90 percent of
their value.
U.S. and European regulators are tightening rules for Moody's,
Standard & Poor's ...
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