– The War Against The Rating Agencies Begins: Italy Prosecutor Seizes Moody’s, S&P Documents (ZeroHedge, Aug 4, 2011)
And so the war against the rating agencies is now official as a floundering Europe does anything in its power to scapegoat anyone and everyone, starting with its natural sworn enemy of course, the rating agencies.
According to Reuters,
“Italian prosecutors have seized documents at the offices of credit rating agencies Moody’s and Standard & Poor’s in a probe over Suspected “anomalous” Fluctuations in Italian share prices, a prosecutor said on Thursday.“
Ah yes, it is Moody’s fault that Unicredit, Intesa, Fiat and pretty much all other Italian companies now close limit down at least once a day. Either way, this is sure to end well. We will bring you more as we see it.