bobbyw24
04-22-2010, 04:41 AM
The panel created to investigate the roots of the financial crisis slapped credit rating agency Moody's Corp. with a subpoena Wednesday for failing to turn over key documents.
It's the first subpoena issued by the Financial Crisis Inquiry Commission to compel compliance, the panel's chairman, Phil Angelides, said during a conference call with reporters. The commission faces a December deadline to produce a report documenting and explaining the causes behind the worst financial crisis since the Great Depression.
http://i.huffpost.com/gen/155868/thumbs/s-MOODYS-large.jpg
Until now, every party contacted by the commission has either complied or indicated a willingness to comply with its requests, Angelides said. Moody's -- one of the three major credit rating agencies accused of contributing, if not worsening, the financial crisis -- is the only party delaying the panel's investigation.
Angelides said the panel is after "essential documents and e-mails relevant to our investigation." He wouldn't specify what the commission is looking for. The commission first sent its request for documents on March 10, Angelides said.
"Look, we have a clock here," said Angelides. "And what we can't allow to happen is for people to run out the clock on us."
Its investigators determined that Moody's wasn't planning on complying with the panel's request, Angelides said. The panel issued its subpoena the same day.
"We want to be clear that we're not going to be deterred at all from getting the information we need to do the best job for the American people," Angelides said.
Story continues below
http://www.huffingtonpost.com/2010/04/21/moodys-slapped-with-subpo_n_546989.html
It's the first subpoena issued by the Financial Crisis Inquiry Commission to compel compliance, the panel's chairman, Phil Angelides, said during a conference call with reporters. The commission faces a December deadline to produce a report documenting and explaining the causes behind the worst financial crisis since the Great Depression.
http://i.huffpost.com/gen/155868/thumbs/s-MOODYS-large.jpg
Until now, every party contacted by the commission has either complied or indicated a willingness to comply with its requests, Angelides said. Moody's -- one of the three major credit rating agencies accused of contributing, if not worsening, the financial crisis -- is the only party delaying the panel's investigation.
Angelides said the panel is after "essential documents and e-mails relevant to our investigation." He wouldn't specify what the commission is looking for. The commission first sent its request for documents on March 10, Angelides said.
"Look, we have a clock here," said Angelides. "And what we can't allow to happen is for people to run out the clock on us."
Its investigators determined that Moody's wasn't planning on complying with the panel's request, Angelides said. The panel issued its subpoena the same day.
"We want to be clear that we're not going to be deterred at all from getting the information we need to do the best job for the American people," Angelides said.
Story continues below
http://www.huffingtonpost.com/2010/04/21/moodys-slapped-with-subpo_n_546989.html