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Is China the next Madoff phony? Moodys may think so. China is just a little bigger than Madoff

(Last Updated On: September 28, 2010)

A complaint has been filed with the antitrust division of the U.S. Department of Justice claiming that the top credit-rating services in the United States, which control an estimated 90 percent of the industry, are complicit in hiding billions of dollars of China’s debt.

The complaint, which is available online, was filed by Sovereign Advisers on behalf of Starwood Trust and other “defaulted creditors.” It accuses Standard & Poor’s and Moody’s Investors Services of willfully concealing China’s debt and providing those interests with good credit ratings to profit from the rating service.

Also named are Goldman S

http://www.wnd.com/index.php?fa=PAGE.view&pageId=207685

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