WASHINGTON – Angered by what it viewed as foot dragging, a panel investigating the nation’s financial crisis issued a subpoena Wednesday to compel Moody’s Corp. to provide information.
It was the first such subpoena issued by the Financial Crisis Inquiry Commission, days before Moody’s chief Ray McDaniel is scheduled to appear Friday before the Senate Permanent Subcommittee on Investigations.
Commission Chairman Phil Angelides accused Moody’s of “failing to comply with a request for documents in a timely manner.”
Their subpoena follows a Monday news conference by California Attorney General Jerry Brown to announce court action against Moody’s to compel the company to comply with a subpoena he issued seven months ago.
Moody’s is under pressure to explain its role in providing the investment grade ratings to complex financial deals backed by U.S. mortgages that proved to be anything but investment grade. These deals helped deepen the nation’s housing crisis, which provoked the broader financial crisis.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.