Gordon Brown:Credit rating companies aren’t good enough

December 13, 2007 at 1:08 pm | Posted in economy, finance | Leave a comment
Tags: Credit rating companies

Dec. 13 (Bloomberg) — U.K. Prime Minister Gordon Brown said a surge in credit costs affecting the world’s financial markets should act as a spur to increase transparency in the banking industry and change the way credit rating companies work.

“It’s a wake-up call for the global economy,” Brown told lawmakers questioning him in Parliament in London today. “The existing institutions aren’t good enough. I’m going to make it my business to reform those institutions.”

The Bank of England, Federal Reserve, European Central Bank and two other central banks yesterday moved in concert to ease a credit squeeze that threatens to harm the world economy. It was the biggest act of international monetary cooperation since the Sept. 11 terrorist attacks.

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