On Wall Street, material information must be filed in a somewhat timely manner by public companies, but there is some leeway on the exact timing. Some of the scariest stuff tends to get released on holdays or late in the day Friday when no one’s paying attention.
Kind of like when I used to show my dad a report card as he was leaving for a business trip.
Get a load of the bomb that Moodys ($MCO) dropped on Friday evening…take it away Stacy –
From FT Alphaville:
On March 18, 2010, (Moodys) received a “Wells Notice” from the Staff of the SEC stating that the Staff is considering recommending that the Commission institute administrative and cease-and-desist proceedings against MIS in connection with MIS’s initial June 2007 application on SEC Form NRSRO to register as a nationally recognized statistical rating organization under the Credit Rating Agency Reform Act of 2006.
The rubber is starting to meet the road in BS Ratingsville. ‘Bout time.