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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 374.22

-0.2%

Nov 21 4:00 PM EST

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To: TobagoJack who wrote (63354)	5/5/2010 5:15:36 PM
From: Haim R. Branisteanu	1 Recommendation Read Replies (1) of 217931

Rating agencies not very useful: PIMCO's Gross (Reuters) - The big rating agencies are no longer very useful to investment companies such as the world's biggest bond fund manager PIMCO, which can be nimbler in anticipating shifts in the credit quality of debt, the company said on Wednesday. Analysts have blamed rating companies, such as Standard & Poor's, Moody's Investors Service and Fitch Ratings for contributing to the financial crisis by assigning top ratings to securities linked to mortgages. The credit rating agencies "no longer serve a valid purpose for investment companies free of regulatory mandates," wrote Pacific Investment Management Co.'s managing director Bill Gross in a May Investment Outlook on the company's Web site. "Their warnings were more than tardy when it came to the Enrons and the Worldcoms of ten years past, and most recently their blind faith in sovereign solvency has led to egregious excess in Greece and their southern neighbors," Gross wrote. reuters.com

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