At this point, its simply censorship of a perceived lackey who dared bite the hand that feeds. As for exacerbating the Euro crisis, the ratings agencies were predictably late to the party that was in full swing once they arrived. To say the agencies "exacerbated" the problem is to blame organizations that were already looked upon as rubber-stampers to smart money. This is bad comedy.
European Union lawmakers sought to scrap most of a proposal to force businesses to rotate the credit-ratings company they hire to assess their debt, while backing tighter restrictions on sovereign-debt ratings.
The European Parliament’s economic and monetary affairs committee voted today in Brussels to scale back the proposed rotation requirement so that it would apply only to securitizations and other kinds of so-called structured finance. The stance brings the Parliament’s position largely into line with that of EU national governments, which must also approve the new rules proposed by the bloc’s regulators last year.
The European Commission, the 27-nation EU’s regulatory arm, proposed the rotation rule last year as part of a draft law to toughen regulation of the ratings industry amid concerns that some of its decisions exacerbated the euro-area debt crisis. The commission said rotation would boost competition and solve potential conflicts of interest.
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