Huffington Post

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No Apology for Moody's

By Team at June 3, 2010 - 10:51am

Sorry isn't good enough for the millions of Americans suffering from job losses, underemployment and plummeting house values. But, in testimony before the FCIC yesterday, Moody's CEO won't even off an apology! The Huffington Post:

The chairman and chief executive of Moody's Corporation joined the long list of top Wall Street executives who have refused to apologize for their role in causing the worst financial crisis and resulting economic collapse since the Great Depression.

Appearing on Wednesday before the panel created by Congress to investigate the roots of the financial crisis, Raymond W. McDaniel, the head of the corporate parent of Moody's Investors Service, said that while the credit rating agency's disastrous performance has been "deeply disappointing" and that the firm is "certainly not satisfied" with it, after more than two hours of testimony he didn't say the one thing much of America may have been looking for: I'm sorry.

They're unrepentant. And, they'll do it again - unless, we reform the credit ratings agencies. The Senate must act.