Jerry Brown, the Attorney General of California, has said that he will take Moody’s Investment Service Inc., a New York based credit rating agency, to Court as the company is refusing to comply with the state subpoena.

The subpoena asks for certain documents needed for an inquiry into the company’s evaluation of mortgage backed securities, which were seen as a key reason behind the financial crisis. It is suspected that the company indirectly had a role to play in the crisis and the subsequent economic recession. [Read more…]