Cuomo Belittles Credit Raters' Reforms
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New York Attorney General Andrew Cuomo said yesterday that "supposed reforms" by Standard & Poor's and Moody's Investors Service, which gave high ratings to subprime debt that later plummeted, are "too little, too late."
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The New York attorney generalâs office accused UBS of shifting customers into fee-based accounts unsuited for infrequent traders.
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Expressing impatience with the Securities and Exchange Commission, lawmakers said in a hearing yesterday that they will act to force stronger oversight of the influential credit rating business if the agency doesn&#39;t soon move on its own.
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WASHINGTON - Executives from major credit rating agencies were accused yesterday by senators of being hampered by conflicts of interest that may have contributed to the worldwide mortgage market turmoil.
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The Office of Fair Trading criticises credit card companies for making cards difficult to compare.
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New York Attorney General Andrew Cuomo, who is probing how Wall Street banks packaged and sold mortgage bonds, may use the same powerful state law that predecessor Eliot Spitzer wielded to secure billions of dollars in settlements from investment banks and mutual fund firms, the Wall Street Journal reported Wednesday, citing unnamed sources.
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Angela Merkel criticises ratings agencies for not spotting firms with serious credit problems.
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New York Attorney General Andrew Cuomo has expanded a probe of whether lenders encourage colleges to steer student borrowers their way, sending letters to more than 50 educational institutions, a person familiar with the matter said on Thursday.
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The New York state attorney general said Monday that preliminary evidence suggested that the home aide industry was rife with fraud.
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Expressing impatience with the Securities and Exchange Commission, lawmakers said in a hearing yesterday that they will act to force stronger oversight of the influential credit rating business if the agency doesn't soon move on its own.
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Credit rating agencies drew  more fire on Wednesday as a powerful U.S. regulator said it was  investigating if their judgment had been colored by money from  customers selling subprime mortgages.
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New York state voters oppose a plan by New York City Mayor Michael Bloomberg to impose fees on drivers in Manhattan, but they would support it if the money raised staves off hikes in tolls and transit fares, according to a poll released on Tuesday.
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Citigroup, the nation's second-largest credit card issuer, said yesterday that it will stop imposing two common interest-rate charges that consumer groups and some members of Congress have criticized as unfair and abusive.
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Financial companies were under scrutiny Friday after Sen. John Kerry vowed to push for legislation that would curb credit card fees and protect homebuyers from unfair lending practices.
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Standard & Poor's, under fire for its role in the U.S. housing market meltdown, is taking steps to ensure its ratings are sound and is reviewing its rated transactions more frequently, the credit rating agency told a Senate panel on Wednesday.
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Lawmakers this fall will consider stricter rules for credit rating agencies amid criticism they failed to accurately assess -- or warn investors about -- the risks that mortgage investments posed to financial markets.
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Rating companies began a new wave of rating cuts Thursday as they reassessed the fallout from deteriorating subprime loans, drawing increased scrutiny from investors who are questioning why the agencies failed to act earlier.