Credit Rating Agency Exec Accepts Some Blame for Crisis

Friday, 23 Apr 2010 10:53 AM

 

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A former executive for a credit rating agency is preparing to tell a Senate panel that poor internal communication contributed to his industry's failure to flag risky investments ahead of the financial crisis.

Former Standard & Poor managing director Frank Raiter says in prepared testimony there was a "disconnect" between senior managers and the analytical managers responsible for assigning bond ratings. That, along with weak government regulation, led agencies into awarding high ratings to less-worthy investments.

Raiter is appearing before the Permanent Subcommittee on Investigations, which is examining credit rating agencies' role in the financial crisis.

A committee report issued Thursday says agencies were too influenced by banks.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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