Entries tagged "ratings agencies"
The more that is revealed about just how cozy the banks and the ratings agency were, the more far-reaching the case against UBS is going to get.
The ratings agencies seem to be everyone's favorite whipping boy these days. First it was the Securities and Exchange Commission using them as something of a scapegoat for the subprime debacle in claiming that the overburdened agencies violated internal procedures in granting top rankings to structured products like collateralized debt obligations and residential mortgage-backed securities. Last week, Greenlight Capital's David Einhorn in a Financial Times interview said the agencies are understaffed and therefore did not have the resources to properly rate some of the now failing financial institutions. And now Connecticut Attorney General Richard Blumenthal, who once again is...
As if the much maligned ratings agencies have not been beaten down enough, serving as just one of many scapegoats for the credit meltdown, outspoken hedge fund manager David Einhorn, founder of Greenlight Capital, devoted part of a recent interview with Financial Times U.S. market editor Aline Van Duyn to critiquing the agencies. ...
Wednesday the SEC is scheduled to propose new rules for credit rating agencies. The Wall Street Journal predicts in a Tuesday preview that, if ultimately approved, the rules "may diminish the longstanding importance of credit ratings across various markets." Well, don't deliver a eulogy for the rating agencies just yet. ...
Securities and Exchange Commission Chairman Christopher Cox told reporters at the 2008 International Organization of Securities Commissions conference in Paris this past weekend that his agency will formally propose new rules concerning credit rating agencies on June 11. ...
