A probe of credit rating agencies was announced by the California Attorney General's Office right before his targets were called on the carpet during the National Association of Insurance Commissioners conference last week.
California Attorney General Edmund G. Brown Jr. issued a statement saying he had issued subpoenas to Standard & Poor's, Moody's Investors Service and Fitch Ratings to determine whether the firms violated California law when they "recklessly" gave "stellar ratings to shaky assets."
As this edition went to press, the NAIC had put rating agencies in the hot seat, convening a day-long hearing on Sept. 24 at the conclusion of their fall national meeting just outside of Washington, in National Harbor, Md.
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