Article – Credit rating agencies to face tougher rules
In the run-up to the financial crisis credit rating agencies often acted as cheerleaders, giving stellar ratings to complex financial instruments that later proved to be almost worthless, meaning immense losses for financial institutions, many of which had to be bailed out by the taxpayer. On Tuesday economic committee MEPs will vote on rules to make agencies liable for damage caused by their ratings and introduce more competition into the ratings market.
Source : © European Union, 2012 – EP
