July 29, 2009, Cover Stories, Regulations/Legal
CalPERS Gives Rating Agencies an FFF
In a new lawsuit, California's state pension fund blames the 'issuer pay system' at the top three rating agencies for part of its investment losses last year.
Millions of investors and advisors rely on ratings from Standard & Poor's, Moody's and Fitch Ratings when purchasing bonds, bond funds, or annuities. And, for many years, they took the credibility of those credit rating agencies for granted.
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