the russian plan b t b group has severed ties with credit rating agency fitch ratings and accuses the agency of a lack of professionalism reducing ratings without access to internal documents all find not to revolt b t v's regime was recently downgraded to triple the i'm talking of russian banks in vest a bank was a bit into almost sort of capital when it had its license revoked a month ago that bag reportedly already had all as much capital as it has. no one has unified global leaders is tax evasion for decades the rich has been storing their millions and billions in tax havens to avoid huge tax bills and up until the financial crisis erupted polishes positions up well they didn't seem to pull it actually about false would five years with a recession national coffers in desperate need of a fed up types of asian is now a top priority for the entire world especially beating economist jeffrey sachs on the problem of tax havens which he says is a scam into the system but we start to talk about the lessons that haven't been from the financial crash. wall street the same games are being pl

group has severed ties with credit rating agency fitch ratings it accuses agency of a lack of professionalism reducing the ratings without access to internal documents all financial reports he's raising most recently downgraded to a triple the i'm talking of russian banks in vest a bank was created to have a sort of capital when it had its license revoked a month ago that reportedly already had as much capital as it has it's. now what has unified global leaders is tax evasion for decades the rich has been storing their millions and billions in tax havens to avoid huge tax. up until the financial crisis erupted push it competitions up well they didn't seem to pull that actually about with a false forward five years with a recession battered national coffers in desperate need of a fed up types of asian is now a top priority for the entire world especially beating economist jeffrey sachs on the problem of tax havens which he says is a scandalous system but we start to talk about the lessons that haven't been learned from the financial crash. even wall street the same games are being played as be

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fitch ratings affirmed germany's credit rating as aaa with a good outlook.th, standard & poor's also affirmed germany's aaa credit and its outlook. yesterday, i sat down with the imf managing director christine lagarde and we had a wide-ranging conversation. ifegan by asking her complacency is risk more than five years since the beginning of the financial crisis. >> complacency is a risk. it is one of them. what we are seeing at the moment, to go along with the optimism you referred to, you are seeing recovery in consolidation at the moment. that is our analysis. we are also seeing risks that should be of concern. we have the old risks that are not all sorted out and we have some new risks as well. essentially, what we believe is needed is a reset of the way in which the economy grows around the world. >> how would you do it? are, the old ones, you have the financial stability, which still can be an issue, especially if there are bubbles developing here and there. we have massive unemployment north of 200 million people who do not have a job at the moment an

fitch. everybody i know in government downgraded complainedto the rating agencies. tim geithner may be an idiot, but he is not a thug. >> i don't think he is an idiot. there waa vendetta here. had the other two been swept up, i would have said i can understand, fine. only s&p and with the downgrade. >> i disagreed with you on the premise before when we talked about this and i was wrong. based on this affidavit, he did threaten s&p. suddenly, smartly, so he wouldn't get in trouble for it but he made a threat. >> ben and adam. ben, what do you think? >> government officials are human. when they are threatened, they threaten back. they don't take a vow sayi they will become government officials. standard practice. i believe it was tit-for-tat. >> okay. adam? >> i totally agree. it not just government borrowers that complain. every issueer complains, corporations, too if they don't like the rating. >> he didn't threaten. >> he said you'll sleep with the fishes. i'm kidding. i'm kidding. >> you should hear what i i say. >> stick around. thanks to charliand dagen. now how

rating that there would be a response. that could be read a variety of ways. mr. geithner's denying it. charlie isn't entirely buying it, but it goes like this, why were moody's and fitch, two other ratings agencies, the dow, the same type generous rating of risky securities, before the meltdown, why weren't they fingered -- >> you know, i think we're trying to look for white hats and black hats, you kind of want them both to kill each other. the government created the financial crisis, along with s&p, and now the government is going after s&p. and i think you make a valid point. i did a whole book about this. there are some damaging e-mails on moody's part, but how they would rate a cow coming through the door, i think that was one of the e-malts. some of the e-mails out of s&p were pretty bad. if you're going to say net-net, this is not how justice should be done, net-net, the e-mails, the evidence, the civil case on the s&p, is a little worse than the moody's -- >> let me preface this, for people not up on this. the companies all did the same thing, assigning generous grades to debt that was really crap, right? >> overly -- like aaa. >> right. and in retrospect, peo

put to the text of the euro hitting another new record low on monday it has rebounded since ratings agency fitch the warning tuesday its trains on institutional integrity. i'm a case that's cold for a walk out of the ratings agencies are looking at turkey's long term credit down some eight percent the short term outlook idea kelly and i see when we know that what the meanest elections aren't until march what's the short term outlook for two turkeys stocks in turkey's economy this storm has been in the last to get the word successfully maintaining them operate on the discipline despite the bandit totally upset. turkey is a concave when he is. that is almost meeting two months to crack any old european union except the inflation that criteria but can investors it had the stomach can investors stomach it all until the elections. well probably the two goals in races which have the confidence and assets of identical to that of a peace beyond understanding carry their turkey. they will continue getting restless boss goals we try to speak and today we've each had two did not get there. actually today b

both ratings agency, moody's and s&p and fitch to larger sense they were paid more to put aaa ratingsured finance deals. melissa: is s&p only one sued. >> no, they deserve to be sued. only thing i can think of, this is based on reading e-mails, some of the emails involving s&p are more onerous or, just give you a little more intent to defraud investors than moody's. >> the answer is not a lawsuit. the answer is the got has to stop anointing special companies like s&p, moody's and fitch, given special government status. banks have to follow their opinions. financial firms have to. this is not a status that james's company which gets its business honestly enjoys. s&p, moody's and fitch are given this ad fangadvantage. as far as the lawsuit, it is garbage. they're basically being sued for fraud. it is being done under banking statute. so the victims in this lawsuit are the big banks who were putting out this mortgage paper. melissa: want to go back to the idea -- >> if the government is suing separately claiming they're the villains. melissa: treasury secretary picks up the phone and thr