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Inflated ratings, or quit their jobs. senator levin of michigan, chairman of the committee that held the hearing, calling the entire system an inside job. >> the credit rating agencies were operating with an inherent conflict of interest. because the revenues they pocketed came from the companies whose securities they rated. it's like one of the parties in court paying the judge's salary, or one of the teams in a competition paying the salary of the referee. >> the s.e.c.'s oversight of the credit ratings agencies now unlimited, claiming they are protected by the first amendment right to free ...

Give regulators like the sec even more widespread authority. accusing officials of being, quote, preoccupied with other distractions. sec inspector general david cotts told neil cavuto all offenders are being disciplined. >> some people resigned after threat of resignation. some suspended some represent prix mapped. >> less than 1% were caught. penalties have been increased to discourage anyone else from following in their x-rated footsteps. jon? >> jon: unbelievable. rick leventhal. thanks. >> sure. >> jon: it all just about two hours ago. arizona governor jan brewer officially signed a contr...