The government gave rating agencies a special position in the financial system. "There's some ironies, shall we say, in all of this," a professor says.
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How The U.S. Gave S&P Its Power
August 8, 2011 By
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Market Indexes Sink On U.S. Debt Concerns; Widespread Losses Seen
U.S. stock benchmarks took another big hit Monday, in the first day of trading since America's credit was downgraded by Standard and Poor's rating agency late Friday. The Dow Jones Industrial index closed below the 11,000 mark for the first time since late 2010, ending the day at 10,811.
How The U.S. Gave S&P Its Power
The government gave rating agencies a special position in the financial system. "There's some ironies, shall we say, in all of this," a professor says.
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