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Tag Archives: Fitch

2005 cohort

From my comments to the SEC on raters…. Is the proposed application of the rule to prospective credit ratings, i.e., credit ratings that are initially determined on or after June 26, 2007, appropriate and do commenter’s believe it would provide meaningful information if the rule was limited to credit ratings made on or after that date? […]

Comments on raters

U. S. Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Attention: Office of the Secretary File No.: S7-04-09; Release No. 34-57967 Re: Comment on Re-Proposed Rules for Nationally Recognized Statistical Rating Organizations (“NRSROs”) To the Commissioners and staff of the SEC: Thank you for the opportunity to provide comments on the regulation […]

SEC’s Credit Rating Agencies Roundtable announced

SEC Announces Panelists and Agenda for Credit Rating Agencies Roundtable FOR IMMEDIATE RELEASE 2009-65 Washington, D.C., March 24, 2009 — The Securities and Exchange Commission today announced the expected panelists for its April 15 roundtable relating to its oversight of credit rating agencies. The roundtable will be held at the SEC’s Washington, D.C., headquarters and will begin […]

Bookmarks — credit ratings regulation…

I’ve collected lots of news reporting and opinion pieces on the reregulation of credit ratings… WSJ — Raters See Windfall in Bailout Program (March 20) Dealbook/NYT — Buffett Is Unusually Silent on Rating Agencies (March 18) EasyBourse — FSA: Review, Regulate Credit Ratings Role In Basle II (March 18)  Credit Risk Chronicles — The Credit Ratings Game (March 18) NYT […]

Credit rating agency regulation roundup…

The SEC announces a roundtable to examine credit rating agency regulation… Washington, D.C., March 6, 2009 — The Securities and Exchange Commission will hold a roundtable on April 15 relating to its oversight of credit rating agencies. Discussion topics will include issues related to recent SEC rulemaking initiatives, such as conflicts of interest, competition, and […]

Recalibrating the recalibration

Credit ratings should be standardized across asset classes within one rating firm … this is especially necessary for retail investors to understand the relative risk of muni and corporate issuers… and for risk to be priced across asset classes…  The misrating of assets by credit raters is one of the fundamental causes of the Credit Crisis of […]

US SEC’s Casey: Reform credit agency industry

I’m 100% with SEC Commissioner Casey on the issue of oversight of credit rating agencies… ~~~~ WASHINGTON, Feb 6 (Reuters) – A top U.S. securities regulator said on Friday competition in the credit rating agency industry must increase and Wall Street and investors have to be weaned from credit ratings. The Securities and Exchange Commission’s […]

The ratings blob…

From Chris Nolterby Chris Nolterfrom The Deal.com via Reuters… ~~~~ “You hardly need a headline in Le Monde to tell you “Nous sommes tous resident mortgage-backed securities holders.” On some level, the feelings of economic vulnerability and helplessness in the latest crunch may rival the uncertainty and fear over national security after Sept. 11. As […]

Angels hide their faces…

The credit markets flow into 2009… many issues are rolling over from 2008… There is general agreement that the major credit rating agencies misrated entire classes of securities leading up to the Credit Crisis of 2007-2008… CDOs were overrated and municipals were generally underrated… The raters have undertaken some reforms and the SEC has issued […]

What is the place of B-schools in all of this?

 “The Scapegoat”, William Holman Hunt   The following is from the blog of Robert Bruner, the Dean of the Darden School of Business… nice to see academics suggest that schools can raise the standards bar for business people… everyone needs to help raise the bar on fraud and greed… too prevalent ….  ~~~~ ” … Every financial […]