SEC says it lacked authority to charge Moody's

This concerning the rating agencies, which is destroying the confidence in the debt market.  Here's a quote from the article.

The financial overhaul law enacted in July calls for reducing the influence of the big three rating agencies -- Moody's, Standard & Poor's and Fitch Ratings. They were discredited in the financial crisis for giving high ratings to risky mortgage securities.

The financial overhaul law also gave the SEC authority to pursue alleged fraud by foreign affiliates of U.S. rating agencies that could have a significant effect within the U.S.

Read it all.