Hearing into ratings firms is pushed back
A ROW between rival politicians has led to the postponement of a critical hearing into the behaviour of US ratings agencies in the run-up to the recent banking crisis.
“Some information has come to light which not all members of the committee have seen,” a spokesman for the top Republican on the committee told City PM last night. “The Democrats have had this information for two weeks,” he continued.
The House Oversight and Government Reform Committee, which was going to hear testimony from a former Moody’s managing director yesterday, has been rescheduled for next Wednesday.
Former Moody’s managing director Eric Kolchinsky has said managers there favour revenues over quality.
“We wanted to give adequate time for the majority and the minority to digest the new information,” a spokesman for the top Republican Darrell Issa said.