Multi-aggravated and continued manipulation of the financial market. With these accusations it ended the Trani public prosecutor's investigation against Standard & Poor's. Prosecutor Michele Ruggero sent five warranty notices to as many employees of the American rating agency. The investigations into the Fitch and Moody's sisters are still open, but it seems to be a matter of days for them too. The news came from an investigation by Giovanni Di Benedetto published in the newspaper La Repubblica.
The facts contested against S&P date back to last January 13, when the multinational downgraded Italy to Serie B, cutting the rating on our sovereign debt – together with that of other European countries – from “A” to “BBB+”. The downgrade came with markets still open, causing a financial earthquake. An effect widely foreseeable and - according to the Apulian magistrate - deliberately sought after by the agency. The idea is that "in addition to the approximation, there was also a possible manipulation".
During the investigation Ruggero listened, among others, Joseph Vegas, president of Consob, who had sent a letter to Steven Major, head of the European market safety authority (ESMA), to clarify whether the agency's actions were in conflict with the rules which prohibit the dissemination of open markets.
Result: today analysts Eileen Zhang and Frank Gill, employees of S&P based in London, Moritz Kraemer, employee of Frankfurt, Yeann Le Pallec, head of services for Europe and Africa, and even the Indian Deven Sharma, former president of the agency.
