Italy Investigating Moody’s For Falsifying Figures, Market Manipulation

Prosecutors in Italy have launched a formal investigation into Moody’s rating agency for falsify figures and manipulating the market.“We became aware of something not quite right in 2007. Moody’s used to release its figures once or twice a year but all of a sudden ratings were being announced continuously. It became clear to us that Moody’s and its sisters Standard & Poor’s and Fitch were taking advantage of their influence on the market. A perfect example is Moody’s triple-A rating for Lehman & Brothers only months before the mortgage company collapsed,” Francesco Avallone with the Federconsumatori told Press TV.

According to Adusbef and Federconsumatori, the three rating agencies, which are investor-driven companies, manipulate the financial markets to benefit their investors, and thus create a conflict of interest.

Categories: ECONOMY

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