Moody’s latest 8-K announces the dismissal of PwC and hiring of KPMG as their auditors. What happened there?
As noted in my previous post, the relationships between the rating agencies, monoline providers and Big 4 are tight. As we know, Moody’s had little choice if there was an issue, which we know there was regardless of the bland disclosures, to go to another Big 4. That increases KPMG’s stake in this happy group.