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News Summary: SEC settles with credit-rating firm
Tuesday - 1/22/2013, 4:24pm EST
(AP) - SEC SETTLES: The Securities and Exchange Commission barred Egan-Jones Ratings Co. from rating governments and issuers of asset-backed bonds as a recognized rating agency for 18 months. The order came as part of a settlement with Egan Jones.
THE CHARGES: The SEC alleged that the company made false statements when applying to become a "nationally recognized" rating agency in 2008. It also said Egan-Jones repeatedly violated conflict-of-interest rules.
AND YET: The firm will likely keep offering ratings on governments and asset-backed issuers, said Bill Hassiepen, co-head of Egan-Jones' ratings desk. They just won't carry the SEC's stamp of approval.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)