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Source: executivesuite.blogs.nytimes.com --- 25 days ago
Here’s a wonderful, hilarious and devastating rant about a) why the Credit Agencies don’t work as well as the market; and b) why we would be better off if they went away. Couldn’t have said it half as well myself, and since I’m not blogging these days, I won’t even try. Read it [...] ... Source: www.moreover.com --- 11 days ago
MortgagePress Oct 4 2008 9:35PM GMT ...
Source: www.ecb.int --- 20 days ago
... Source: www.marginalrevolution.com --- 13 days ago
A second view is that because the methodologies used for Rating CDOs are complex, arbitrary, and opaque, they create opportunities for parties to create a ratings “arbitrage” opportunity without adding any actual value. It is difficult to test this view,... ... Source: paul.kedrosky.com --- 21 days ago
This only fills in the anecdote blanks for anyone paying attention, but there is a looooong new two-part Bloomberg series out castigating the Credit Rating Agencies. It's worth reading, however, and you can think of it as a complement to my own piece ( "The Blame Game (II): Credit Rating Agencies are Rug Pee-ers" ) from a week ago. My only question: I have been criticizing Credit ratings Agencies for years, to no avail. Where was Bloomberg with this sort of journalistic detail five years ago when a piece like this with Bloomberg-ian distribution could have really mattered? As Mike Milken says, you get full points for telling me before it happened, not afterward. Anyway, here is a numbing quote from an S&P whistle-blower quoted in the piece: We knew the delinquencies were bad. The fact was, if we could have hired a supreme being to tell us exactly what the loss was on a loan, they wouldn't have hired him because the Street wasn't going to pay us extra money to know that. How lovely. More here . ... Source: www.mondovisione.com --- 28 days ago
The International Organization of Securities Commissions (IOSCO) Technical Committee has completed its assessment of methods for checking compliance with the Code of Conduct Fundamentals for Credit Rating Agencies (IOSCO Code of Conduct). IOSCO has identified 4 measures which it believes will contribute to improved international monitoring of Credit Rating Agencies (CRA) and serve to address the issues that have contributed to the failures in the structured finance products market: IOSCO favours a consistent global regulatory approach to monitoring the activities of CRAs. It urges legislators to consider the regulatory consensus represented by the IOSCO Code of Conduct when framing legislation as any fragmentation runs the risk of a reoccurrence of problems with product ratings; While global legislative efforts run their course, IOSCO's Task Force on Credit Rating Agencies (TFCRA) will work towards developing mechanisms by which national regulators can coordinate their monitoring of CRAs with the substance of the IOSCO Code of Conduct. The TFCRA will explore a common monitoring module and set the terms and conditions of information exchange and cooperation by January 2009; The TFCRA will also conduct a review of CRAs adoption of codes of conduct based on the revised IOSCO Code of Conduct and will publish its findings in January 2009; and Events in the last 12 months have clearly shown the need for greater interaction between CRAs ... Source: www.canadianunderwriter.ca --- 6 days ago
The Canadian Securities Administrators (CSA) posted a consultation paper on Oct. 6 that suggests the implementation... [ Full Story ] ... Source: www.mondovisione.com --- 30 days ago
CESR publised today the response it sent to the consultation document of the Commission services on a draft proposal for a Directive/ Regulation on Credit Rating Agencies. The response sent covers three points: the scope of the proposed regulation, the substantive provisions and the supervisory issues. ... Source: www.investmentnews.com --- 8 days ago
SEC weighs reforms to Credit-Rating Agencies October 7, 2008, 10:02 AM EST Post a Comment Securities regulators are considering proposed rule changes intended to reform the regulation of Credit-Rating Agencies. Proposed in response to ... ... Source: www.eurocapitalmarkets.org --- 23 hours ago
On the heels of similar action in the US, the EU now also intends to subject Credit Rating Agencies to Europe-wide regulation. Notwithstanding his strong stated beliefs in market solutions and self-regulation, European Commissioner Charlie McCreevy issued a draft directive for consultation in July 2008, which proposes highly detailed and prescriptive regulation of the activities of Rating Agencies. read more ... Source: economictimes.indiatimes.com --- 7 days ago
Every time global Credit Rating Agencies downgrade India’s sovereign ratings, investors used to react sharply causing market indices to drop. ... Source: www.marketwatch.com --- 10 days ago
SAN FRANCISCO (MarketWatch) -- Fitch Ratings on Monday downgraded the issuer default Rating of Ford Motor Co. and Ford Motor Credit Co. by one notch to CCC from B-. CCC is viewed as of "poor quality" with possibility of default by ratings Agencies. The move reflects the growing impact of the Credit crisis on the industry. Plummeting sales volumes will accelerate negative cash flows in the second half of 2008 and will result in deep cash drains through 2009, according to Fitch. "Despite significant progress in Ford's cost reduction efforts and an easing of commodity price pressures, Fitch projects that without additional capital raising or asset sales, Ford will reach the minimum required operating cash levels in the second half of 2009," the ratings agency said in a statement. ... Source: uk.reuters.com --- 44 days ago
NEW YORK/WASHINGTON (Reuters) - The three big Credit Rating Agencies were shaken by a host of new regulations designed to correct shortcomings and curb their influence on investors. ... Source: www.sfgate.com --- 7 days ago
The city of San Francisco accused municipal bond insurers in a lawsuit today of scheming to lower the city's Credit Rating and induce municipal Agencies to spend tens of millions of dollars on coverage that proved worthless when the subprime mortgage market... ... Source: www.law.uiuc.edu --- 5 hours ago
A 3.25 CLE Credit course presented by Attorneys' Title Guaranty Fund, Inc. Hosted by the University of Illinois College of Law Attorneys' Title Guaranty Fund, Inc. (ATG) and the University of Illinois College of Law hosted a 3.25 CLE Credit course, "America's Mortgage Crisis: Looking Out for Your Client" on Friday, October 10 in the Max L. Rowe Auditorium. The course was attended by practicing attorneys and College of Law students in Professor Ward McDonald's Real Estate Law class. Presenters were Professor Christine Hurt, the Co-Director of the College of Law's Program in Business Law and Policy; The Honorable Thomas Perkins, Chief Judge, U.S. Bankruptcy Court, Central District of Illinois; and, Ralph Schumann, a real-estate attorney in Elk Grove Village and the President of the Illinois Real Estate Lawyers Association (IRELA). The course opened with a look at the origins of the sub-prime mortgage crisis, including an analysis of the secondary mortgage market, the critical role of investment banks and Credit Rating Agencies, and the role of the mortgage servicer. The course then probed how the government and real estate industry are responding, looking at H.R. 3221, the role of Fannie Mae and Freddie Mac, proposed HUD rules, the Illinois Anti-Predatory Lending Database Program, and industry changes. The course concluded with a session on what attorneys can do to help clients facing foreclosure, presenting defenses to foreclosure and ... Source: www.ft.com --- 43 days ago
Corporate treasurers hit out at the standards drawn up by Brussels that could force Credit Rating Agencies to meet regulatory requirements before being allowed to operate ... Source: business-times.asiaone.com --- 37 days ago
THAILAND is 'running out of options' to solve its political crisis as fears of violence threaten its Credit Rating and hamper investment, ratings Agencies said yesterday. ... Source: seekingalpha.com --- 1 day ago
Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Tuesday, October 14. Farewell to financial stock bear raids Cramer told viewers. The Treasury Department's new protection plan finally puts an end to this devastating, but legal, practice. Cramer said the market was able to hold onto most of its gains on Monday because the possibility of another Great Depression was taken off the table. He said that the government's plan to take taxpayer money and invest it directly in banks has finally broken the cycle that has plagued the sector, panicked investors and brought many of the industry's finest companies to their knees. Cramer described the process in which short-sellers and hedge funds targeted banks and destroyed them. By using unregulated Credit default swaps, short-sellers were able to create unsubstantiated fear in a stock. Once the fear took hold, the short-sellers would exacerbate the situation using naked shorts and puts to lower the stock price even further at very little cost to them. With stocks under heavy pressure, Rating Agencies were forced to lower ratings, causing media speculation and eventually banking customer panic. Cramer said the Securities and Exchange Commission's prior moves to ban short-selling on financials didn't go far enough to prevent the Credit default swaps from being used to spread fear. However, that has changed with the government's new rescue plan for financial companies ... Find more results for Credit Rating Agencies on RSSMicro.com |
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Paul Kedrosky submits: This only fills in the anecdote blanks for anyone paying attention, but there is a looooong new two-part Bloomberg series out castigating the Credit Rating Agencies. It's worth reading, however, and you can think of it as a complement to my own piece ( "The Blame Game (II): Credit Rating Agencies are Rug Pee-ers" ) from a week ago. My only question: I have been criticizing Credit ratings Agencies for years, to no avail. Where was Bloomberg with this sort of journalistic detail five years ago when a piece like this with Bloomberg-ian distribution could have really mattered? As Mike Milken says, you get full points for telling me before it happened, not afterward. Complete Story » ...