Video: Lawsuit accuses rating agencies of fraud in company evaluations

Lawsuit accuses rating agencies of fraud in company evaluations

November 12, 2013 4:47 AM

The three major bond rating agencies, Standard & Poor’s, Fitch Ratings and Moody’s Investors Service, have been accused of misjudging mortgage bonds that collapsed in 2007 at the start of the financial crisis. Bill Cohan, former JPMorgan Chase managing director and author of “House of Cards,” joins the “CBS This Morning” co-hosts to discuss how these agencies conduct business and how it affects the average investor.

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