Poorly Rated
“It was disappointing not to hear the rating agencies offer more reflection on their failures.”
—Illinois Insurance Commissioner Michael McRaith, addressing fellow state regulators during their annual September meeting. Commissioners and federal lawmakers say they want to rein in credit ratings agencies like Moody’s, which some blame in part for the country’s economic collapse. Among the proposals: a nonprofit credit rating agency, or another managed by the National Association of Insurance Commissioners.
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