RPT-UPDATE 1-Italy prosecutors seize Moody's, S&P documents

Reuters ^ | 08/04/11

[TigerLikesRooster]

RPT-UPDATE 1-Italy prosecutors seize Moody's, S&P documents

Thu Aug 4, 2011 1:13pm EDT

(Fixes dateline)

* Magistrates probe "anomalous" share price moves

* S&P, Moody's defend their work

(adds Moody's comment paragraph 6)

MILAN, Aug 4 (Reuters) - Italian prosecutors have seized documents at the offices of rating agencies Moody's and Standard & Poor's in a probe over suspected "anomalous" fluctuations in Italian share prices, a prosecutor said on Thursday.

The measure is aimed at "verifying whether these agencies respect regulations as they carry out their work," Carlo Maria Capistro, who heads the prosecutors' office in the southern town of Trani which is leading the probe, told Reuters.

The documents were seized at the Milan offices of the two agencies on Wednesday, he said, adding that prosecutors had also asked Italian market regulator Consob to provide documents relating to their registration in Italy.

S&P in Italy said in a statement it believed the probe was "groundless".

"We strongly defend our work, our reputation and that of our analysts," it said.

[TigerLikesRooster]

P!

[Army Air Corps]

Ping.

[ken21]

pigs in trouble.

[bruinbirdman]

yitbos

[Texas resident]

Baraq doesn’t need to do that.
He just needs to remind the ratings agencies that they are regulated by the federal government.

Wouldn’t want to see any thing bad happen to your building there buddy.

Play nice and we will protect you.

Thugocracy 101

[Rocky]

When you run out of ideas, look around and see who you can blame for the mess.

[REDWOOD99]

Charge the independent ratings agencies as corrupt and VOILA! - A void only government can fill.

[SAJ]

Italy has been a basket case of an economy for decades. Greece hasn't had anything resembling a functional economy since the 1920s. Interestingly, prior to EMU, Portugal had for several years the strongest currency in Europe (the Escudo, for those who have forgotten). Perhaps Tennyson had it right: "The old order changeth, yielding place to new." Except that the "new" here stinks of month-old fish.

The consummate villain(s) here are perfectly obvious: EMU, and those academic lunatics who insisted that a united currency would work in Europe. And, of course, the assorted political slime who would sit quietly for ANY politico-economic regime, as long as they retained their power and perquisites, and ideally (of course) acquired more.

[Wolfie]

Corrupt? The agencies that gave AAA ratings to mortgage backed securities? Unthinkable.

[Whenifhow]

Police raid Milan offices of Moody’s and Standard & Poor’s
http://www.freerepublic.com/focus/f-news/2758981/posts

[mewzilla]

From June.....

SEC investigates role of ratings agencies Moody's and Standard & Poor's ahead of the financial crisis