Apocalypse Now for Moody’s?

Filed in euro, Gold Market, lead, moodys by on May 10, 2010 0 Comments

I love the smell of napalm in the morning… and today, it smells like victory. Moody’s was just hit with an SEC Wells notice… as the SEC considers a recommendation to start an administrative case and enter a cease and desist order against one of Wall Street’s most hated. And I must say… it couldn’t have happened to a more deserving company. The SEC is alleging “false and misleading” statements in Moody’s application to become a nationally recognized rating agency back in 2007, as reasons for the notice. At issue, according to a Moody’s filing, is the company’s 2007 statement that members of a European committee “engaged in conduct contrary to Moody’s Code of Professional Conduct.” The Moody’s filing fails to say with the committee members did, though. If Moody’s gets a cease and desist (which we’re hoping for), they’re screwed three ways from Sunday. Short away. Apocalypse Now for Moody’s? originally appeared in Wealth Daily . Wealth Daily is a free daily newsletter featuring contrarian investment insights and commentary.

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Apocalypse Now for Moody’s?

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