Bank Lawyer’s Blog: The Big 4 and Subprime: Pawprints Everywhere, But Not A Big Game Hunter In Sight
Bank Lawyer’s Blog: The Big 4 and Subprime: Pawprints Everywhere, But Not A Big Game Hunter In Sight Much ink has been spilled over the last few days about the settlement between the rating agencies and NY AG Andy ("Little Eliot") Cuomo. Francine McKenna of re: The Auditors asks "When Will They Call CR On Auditors Too?" By "CR" she means "circular reasoning," and she lays out the arcs of the circle sequentially. There is also an unholy alliance between the rating agencies, their auditors and the companies bonds they rate and the auditors of these companies. The Big 4 are all over all of it. And yet, no regulator or congressman or other politician will raise the issue of these conflicts.
