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Jefferies Basher Sean Egan on the Hot Seat


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http://online.wsj.com/article/SB10001424052702304818404577348242760649490.html

 

U.S. regulators gave approval for Egan-Jones Ratings Co. to rate bonds and other securities despite having serious concerns about the firm's internal procedures and staffing levels, according to people familiar with the situation.

 

Egan-Jones, which made headlines late last year when a controversial ratings downgrade of Jefferies Group Inc. sent that firm's stock price reeling, won approval as a credit-rating firm from the Securities and Exchange Commission in December 2007.

 

Sean Egan, president of Egan-Jones, received approval in 2007 for the firm to rate securities.

 

However, in 2009, the agency's internal watchdog criticized the decision to approve the firm's application. In his report, David Kotz, then-SEC inspector general, said there were "serious questions as to whether the approval of the application of one [credit-rating firm] was in the public interest given the significant issues that [the SEC] identified with the application."

 

...Meanwhile, Jefferies is doing just fine.  8)

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http://online.wsj.com/article/SB10001424052702304818404577348242760649490.html

 

U.S. regulators gave approval for Egan-Jones Ratings Co. to rate bonds and other securities despite having serious concerns about the firm's internal procedures and staffing levels, according to people familiar with the situation.

 

Egan-Jones, which made headlines late last year when a controversial ratings downgrade of Jefferies Group Inc. sent that firm's stock price reeling, won approval as a credit-rating firm from the Securities and Exchange Commission in December 2007.

 

Sean Egan, president of Egan-Jones, received approval in 2007 for the firm to rate securities.

 

However, in 2009, the agency's internal watchdog criticized the decision to approve the firm's application. In his report, David Kotz, then-SEC inspector general, said there were "serious questions as to whether the approval of the application of one [credit-rating firm] was in the public interest given the significant issues that [the SEC] identified with the application."

 

...Meanwhile, Jefferies is doing just fine.  8)

 

That's hilarious!  They should crack the whip on this guy...SEC and Jefferies should both go after him.  Cheers!

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