Wednesday, April 30, 2008
Here is a example of the power of the Credit Rating Agency Reform Act and the new implementing rule… a precise disclosure from S&P concerning a change in their methodology for cash flows for RMBS… excellent job…
Wednesday, April 30, 2008
From the WSJ.com about Birmingham mayor Larry Langford and the alleged payments he received from his friends the local bond underwriters…
~~~~~ “… Most of the alleged payments occurred in “close proximity” to regular Wednesday dinner meetings the three men had at an unidentified Birmingham restaurant, according to the SEC….”~~~~~
Yes… it’s about time to craft […]
Back in the late nineties I served as the editor for the Greenwich Roundtable. The Roundtable was an amazing collection of financial market leaders… mainly hedge fund managers … (this was back before every guy with a Bloomberg and a prime brokerage relationship had set up a hedge fund…).
Lots of amazing speakers came including James Simons of […]
It was in the financial press today that Omgeo is likely to receive an SEC “no-action” letter for electronic confirmations for equity and fixed income transactions… right on… finally… I remember many discussions in years past as part of the work of FIX Protocol standards setting group for the need for e-confirms and their […]
My comment in response to the excellent New York Times Op Ed by former SEC Chairman Donaldson, Levitt and Ruder…
~~~ “I appreciate and commend the Op Ed today by SEC Chairmen Donaldson, Levitt and Ruder.
Since the formation of the SEC in 1933 the Commission has served as the nation’s enforcer against abusive and corrupt practices […]
High & Low Finance
Where the Fingers Are Pointing
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A project that I’m working on required that I go back into the credit risk literature… from the Basel Committee’s “Credit Risk Modelling: Current Practices and Applications“.
Morgan Stanley is redeeming some illiquid preferred shares with a …. ”retail CDO”! How glorious is innovation? From the WSJ.com today…
“The funds’ boards approved the use of Tender Option Bonds to refinance up to 30% of each fund’s ARPS leverage. Morgan Stanley said the bonds are derivatives created by placing high quality municipal bonds into […]
Two stories today in CFO.com remind us that US financial markets have significant liquidity problems… “Frank Prods SEC to Study Auction-Rate Havoc” and” Corporations Bond with Retail Investors ” about Incapital’s registered rep platform … the platform is an underwriting system (primary issuance platform with no secondary trading or price quoting elements … those functions devolve to […]
A small suggestion of the possible adoption of “equivalent disclosure” appears at the very end of SEC Chairman Cox’s testimony to the Senate Banking Committee… Professor Coffee was in very good spirits about Reg ED when I spoke to him at the hearing also…
This would be a giant game changer for fixed income markets… especially […]
