Chancellor of the Exchequer Alistair Darling wants European Union policy makers to curb their reliance on credit-rating firms, joining his counterparts in calling for stricter industry oversight, Bloomberg reports.
Darling, responding to record losses on subprime-mortgage bonds, will tell EU finance ministers at a meeting in Brussels that their excessive use of ratings by companies such as Standard & Poor’s and Moody’s Investors Service discourages proper risk assessments.
The full story is available at Bloomberg’s website