S&P Global Ratings Settles Conflict of Interest Violations with SEC

The US Securities and Exchange Commission on Monday charged S&P Global Ratings with conflict-of-interest violations. The SEC said the ratings agency violated conflict of interest rules designed to prevent sales and marketing considerations from influencing credit ratings. In the same press conference, the SEC announced S&P Global had settled for $2.5 million quickly putting the story to bed would be the hope. There was no word on why the SEC has been deathly quiet on the FTX fraud, collapse and wipe out of $34 billion and counting.

“Without admitting or denying the SEC’s findings, S&P agreed to settle this matter by paying a $2.5 million penalty and agreeing to the entry of a cease-and-desist order, a censure, and compliance with certain undertakings.”

There was no mention of what ratings were involved at this time.

The news comes as the finical community in bond is dumbstruck the lack of repsonse to the FTX collpase by SEC Chair Gary Gensler and for his past involvement with Sam Bankman-Fried.

Back in July Gensler said “the public right now would benefit from investor protection around these various service providers, if you wish– the exchanges, the lending platforms, and the broker dealers. So we at the SEC are working in each of those three fields– exchanges, lending, and the broker dealers– and talking to industry participants about how to come into compliance or modify some of that compliance.”

$34 billion dollars in the dark hole of SFB and FTX a week ago and nary a whisper.

Source: Reuters

From The TradersCommunity News Desk