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Going after some more of the best? of the best? of the best?......... in the financial Meltdown!

Financial crisis panel demands documents from Moody's

Angered at what it viewed as foot dragging, a special panel charged with getting to the bottom of the nation's deep financial crisis issued a subpoena Wednesday to compel information from Moody's Corp.

It was the first such subpoena issued by the Financial Crisis Inquiry Commission, and comes just days before Moody’s CEO Raymond McDaniel Jr. is scheduled to appear before the Senate Permanent Subcommittee on Investigations.

In a statement, FCIC Chairman Phil Angelides and Vice Chairman Bill Thomas accused Moody’s of "failing to comply with a request for documents in a timely manner."

This just came through the e-box from McClatchy and actually still reading it before I look for more on what's going on, but they give a pretty good breakdown, as usual, in the video and the report.

The commission had already announced it will hold a special hearing into the credit-rating agencies in the months ahead, and Wednesday issued the subpoena in reaction to the lack of movement by Moody’s on its requests.

"In seeking documents and testimony from public agencies and companies, the commission has made it clear that it is committed to using its subpoena power if there is a lack of, or delay in, compliance," the statement from Angelides and Thomas said. "Failure to comply with a commission request is viewed with the utmost seriousness, as the commission will not be deterred from getting desired information."

Because it is a bipartisan commission, the panel needed to have at least six of its 10 members sign off before issuing a subpoena. In an interview at the start of the commission's work, both Angelides and Thomas told McClatchy that they would aggressively use their subpoena powers where needed.

The subpoena adds intrigue to a much anticipated hearing scheduled for Friday, when the Senate Permanent Subcommittee on Investigations looks into the role of credit-rating agencies in the financial meltdown. -->-->-->

I'd like to see more on these types of actions but finance and the economics can be made a mess to wade through when the best? of the best? cons Ever are working the books etc..

Unlike bringing criminal indictments against the players in the previous administration, but that proof keeps adding up as well, thing is it won't minimize the blowback if nothing is done!

Originally posted to jimstaro on Wed Apr 21, 2010 at 12:48 PM PDT.

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