WASHINGTON - Federal lawmakers and Securities and Exchange Commission officials reacted with concern to a Financial Times article yesterday that claimed Moody's Investors Service incorrectly assigned triple-A ratings to billions of dollars of complex financial products because of a computer glitch and then did not correct the ratings when the glitch was discovered.

Rep. Paul Kanjorski, D-Pa., chairman of the House Financial Services Committee's panel on capital markets, said that the SEC should investigate the allegations and "take appropriate action to hold all parties accountable" if these products were sold to American investors. Moody's is suggesting the products were only sold to European investors. Kanjorski also urged Moody's to "come forward immediately to explain its actions and clarify what happened."

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