Tuesday, June 24, 2008  Bush Backs SEC Changes to Credit Rating
Industry  WASHINGTON -- (TYDN) The Bush administration is
backing Securities and Exchange Commission proposals that may
diminish the longstanding importance of credit ratings across
various markets, including the $3.4 trillion money-market
industry, in the latest blow to the rating business stemming
from the credit crunch, TheYellowDailyNews has learned.  The
most significant portion of the rules -- which only insiders can
profit from because nobody else understands them -- would make
it possible for U.S. money-market funds to invest in short-term
debt without regard to ratings put on those securities by firms
such as Moody's Investors Service and Standard & Poor's, sources
requesting anonymity because they have not been authorized to
publicly disclose how the rich get richer told
TheYellowDailyNews late Wednesday.  Currently, SEC rules
generally require that money-market funds purchase only short-
term debt with high investment-grade ratings. The