May 22, 2013
CFK says 'ban' is most effective sanction for ratings agencies
President Cristina Fernández de Kirchner stated in her Twitter account that the "ban to act as rating agencies should be the most real and effective sanction" for those agencies that failed the citizens and investors.
"In every attack to a country's currency, (the ratings agencies) left with profit for a few by damaging the other citizens," she continued.
While heading towards the Government House, the Head of State tweeted: "Good news. USA's General Prosecutor has set a 5 billion dollars fine for ratings agency Standard & Poor's." The sanction was triggered by the losses caused by the inflated qualification of mortgage bonds.
Fernández de Kirchner analyzed this in her personal account and described it as a "step forward," but assured sanctions should be tougher. "Why? It's simple: 5 billion dollars seems to be an important amount of money - and it is - but it's almost nothing compared to the billions that the US and European treasuries provided."
Under this context, the president suggested that "the ban to act as a ratings' agency should be the most real and effective sanction."
Fernández de Kirchner decided to end these strings of Twitter statements with a "personal" question: "Where's the IMF?"