Thursday, December 4, 2008
I attended the Securities and Exchange Commission (SEC) open meeting for adoption of the Final Rules for credit rating agencies in Washington yesterday … these are the rules which regulate Standard & Poors (MHP) , Moody’s (MCO) and Fitch.
I’ve been writing comments to the SEC on this issue since 2003 and it’s amazing to see how [...]
Brilliant news reported by Marketwatch… new rules are coming… sounds excellent…
~~~ “Commissioners expected to vote unanimously to pass new conflict-of-interest regulations
WASHINGTON (MarketWatch) - The Securities and Exchange Commission is scheduled to take steps on Wednesday to expand its oversight of controversial credit rating agencies, which have been criticized for contributing to the financial crisis.
Commissioners [...]
Wednesday, November 12, 2008
From WSJ.com ~~~~ ” WASHINGTON — The Securities and Exchange Commission is expected to vote for rules next week aimed at limiting conflicts of interest at credit-rating firms, but it isn’t expected to adopt more substantial changes for the time being.
The rules would bar ratings companies from having the same officials negotiate fees with clients [...]
Wednesday, November 12, 2008
“Thou pendulum betwixt a smile and tear” Lord Bryon
AP reports ~~~~ ” … The EU’s financial services chief Charlie McCreevy said the “very exacting rules” were needed to restore confidence in ratings. Complex investments that turned out to be far riskier than originally rated have played a role in unleashing the global financial crisis.
The [...]
Wednesday, November 12, 2008
Short clip (running time ~ 1:40 minutes) from Bloomberg describing Moody’s view of defaults for speculative grade bonds (Ba1 and lower)… Moody’s sees defaults rising sharply… this was certainly expected when excess liquidity was withdrawn from the economy…
So how do investors with big risk appetites swim through the high yield ocean? Good question…
Monday, November 10, 2008
AP is reporting that the EU is proposing regulations for credit rating agencies on Wednesday… I bet the SEC will be issuing the Final Rule for NRSROs soon also… somehow I think there is some international coordination going on… which is good considering the global scope of activities of the raters…
~~~~ “ EU moves toward regulating [...]
Transparency for credit rating agencies
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Thursday, October 30, 2008
The retired policemen of Louisiana are going to get themselves some justice…
They are funding the pursuit and destruction of corruption…
The Louisiana Municipal Police Employees Retirement System is suing Moody’s and here is what they say… from WSJ.com
~~~~ “As a result of defendants’ misconduct, trillions of dollars of highly risky securities were sold to investors that should [...]
Near the end of the Civil War Union forces beseiged Petersburg, VA for 9 months. Confederate forces could barely find food to eat. Starving, with their numbers dwindling due to desertions, and with Sherman’s forces approaching from the south, Lee attempted a break out.
It failed miserably, and on April 2nd, Union forces soon assaulted the Confederate lines. The [...]
Filed in Liquidity, Pricing, Regulatory
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Also tagged accounting, Bear, BofA, Goldman Sachs, Lehman, Liquidity, Merrill, Morgan Stanley, NRSRO, ratings, S&P, SEC
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Thursday, September 11, 2008
An article in CFO.com on September 1st on the effect of the new rating agencies rules raised some interesting points… but the truth is that many of the touchpoints for the industry are up for grabs… business models, regulatory reliance, the market share of the new entrants… from the article…
~~ ” … The perennial question as [...]