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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: smolejv@gmx.net who wrote (29449)	3/5/2003 1:59:04 AM
From: elmatador	Read Replies (1) of 74559

Germany attacks ratings agencies as 'insensitive'. Funny. When Brazil was saying exactly the same thing Germany didn't echoed it. Uhmm, lets see when they taste the medicine we have been taking for a while how they react. Germany attacks ratings agencies as 'insensitive' By Hugh Williamson and Tony Major Published: March 4 2003 21:54 \| Last Updated: March 4 2003 21:54 German politicians yesterday called for curbs on international ratings agencies, which they claimed did not understand Germany's business culture and may have been influenced by the diplomatic rift between Berlin and Washington. Rainer Wend, who is a senior member of Chancellor Gerhard Schröder's Social Democrat party, said: "We have to ask ourselves whether the ratings agencies are really sensitive to German business practices, or whether they only operate on the basis of Anglo-American business principles." Mr Wend, chairman of the German parliament's economic committee, also suggested US agencies may have been influenced by diplomatic tensions over Iraq. "I wouldn't rule this out," he said, although the tensions were unlikely to affect the agencies' actions over the longer term. news.ft.com

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