SEC Sues the One Rating Firm Not on Wall Street’s Take
This article is for subscribers only.
The Securities and Exchange Commission, it seems, has finally lost its mind.
In April, motivated by what I consider pure maliciousness, the SEC initiated a “cease and desist” administrative proceeding it deemed “necessary for the protection of investors and in the public interest” against Egan-Jones Ratings Co., a privately owned, 20-person firm based in Haverford, Pennsylvania, and against its principal owner, Sean Egan.