Plan proposes modest changes for credit-rating agencies

06/18/2009 | NYTimes.com

The Obama administration's proposed overhaul of the financial-regulatory framework includes modest changes for credit-rating agencies. Critics of the system said the main issue was that the agencies were paid by firms whose securities they reviewed. "This is not an effort to remake the industry," said Jerome Fons, formerly a managing director of credit policy at Moody's. "If we believe the system is broken, this doesn't offer a fix."

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