Rating agencies have wandered into the spotlight, again, after media reports revealed that S&P and Moody's will be quizzed over the collapse of MF Global.
Interestingly, according to letters obtained by the Financial Times (emphasis ours):
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Although there has been much debate over ratings agencies' role, after MF Global revealed a "surprise" announcement over it's sovereign debt holdings – which led to it filing for Chapter 11 only a few days later – Euromoney did highlight in November that the failed brokerage employed similar methods that Lehman Brothers used to hide its risk:
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