Levin Underplayed News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 ...

California republican who earlier this week wrote a letter to the s.e.c. chairman, saying the goldman sachs lawsuit neatly coincided with the white house's push for financial reform. let's call in ezra klein with "the washington post." good evening. >> good evening, keith. >> a system in which analysts are paid for their reviews by the companies they are reviewing. does it take a genius to figure out that was a system waiting to be abused and spectacularly so? >> no, it doesn't. i thought senator levin underplayed the situation. it isn't just as if they're paying off the people rating them, th...