Jeff Peek, CEO of CIT Group, speaks during the Reuters banking summit in New York March 15, 2006.
(REUTERS/Brendan McDermid)
Moody's disciplines employees over CPDO ratings
Jeff Peek, CEO of CIT Group, speaks during the Reuters banking summit in New York March 15, 2006.
(REUTERS/Brendan McDermid)
LONDON (Reuters) - Moody's Investors Service <MCO.N> said it was disciplining employees for considering inappropriate issues in approving triple-A ratings for complicated debt products called constant proportion debt obligations (CPDOs).
The ratings agency, already under fire over its rating of U.S. subprime-related debt products, launched an investigation in May as the Financial Times newspaper reported that a coding error in a computer model caused CPDOs, Europe
© Copyright 2008 Reuters. Reuters content is the intellectual property of Reuters or its third-party content providers. Any copying, republication, or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters.
