The Public Prosecutor of Trani, Michele Ruggiero, had enough audacity to start an investigation against Moody's, Standard and Poor's, and Fitch due to market manipulation. Is today's downgrade of Moody's revenge against our country? Hard to know. What is known however is that this affair ended with two suspects at the top of the Moody's rating agency.
The initial fuse was lit by an email sent by the analyst of Standard and Poor's, head of banks for Italy, Renato Pachini, of which the Trani prosecutor's office took possession. And it triggered investigations against Moody's, S&P and Fitch. Recently, the Apulian public prosecutor's office in Trani closed the investigation into S&P again for market manipulation, especially for anomalous stock exchange fluctuations between 2010 and 2012.
