Posts filed under “Regulation”
Looks like an interesting panel — anyone near D.C. on April 15 should consider going . . .
10:10 a.m. — Panel One: Current NRSRO Perspectives: What Went Wrong and What Corrective Steps Is the Industry Taking?
- Daniel Curry, DBRS
- Sean Egan, Egan-Jones Ratings
- Stephen Joynt, Fitch Ratings
- Raymond McDaniel, Moody’s Investor Service
- Deven Sharma, Standard & Poor’s
11:30 a.m. — Panel Two: Competition Issues: What are Current Barriers to Entering the Credit Rating Agency Industry?
- Ethan Berman, RiskMetrics Group
- James H. Gellert, RapidRatings
- George Miller, American Securitization Forum
- Frank Partnoy, University of San Diego
- Alex Pollock, American Enterprise Institute
- Damon Silvers, AFL-CIO
- Lawrence J. White, New York University
12:30 p.m. — Lunch Break
1:15 p.m. — Panel Three: Users’ Perspectives
- Deborah A. Cunningham, Securities Industry and Financial Markets Association
- Alan J. Fohrer, Southern California Edison
- Christopher Gootkind, Wellington Management
- James Kaitz, Association of Financial Professionals
- Kurt N. Schacht, CFA Institute
- Bruce Stern, Association of Financial Guaranty Insurers
- Paul Schott Stevens, Investment Company Institute
2:45 p.m. — Panel Four: Approaches to Improve Credit Rating Agency Oversight
- Richard Baker, Managed Funds Association
- Jörgen Holmquist, European Commission
- Mayree C. Clark, Aetos Capital
- Joseph A. Grundfest, Stanford Law School
- Glenn Reynolds, CreditSights
- Stephen Thieke, Group of Thirty
The roundtable is expected to end at approximately 4:15 p.m. with concluding remarks by Erik R. Sirri, Director of the SEC’s Division of Trading & Markets.
In the fall of 2006, Congress passed the Credit Rating Agency Reform Act, providing the SEC for the first time with authority to supervise credit rating agencies. Using this authority that became effective in June 2007, the Commission has adopted two major rulemakings, has conducted an extensive 10-month examination of three major credit rating agencies, and has several pending proposals to further the Act’s purpose of promoting accountability, transparency, and competition in the rating industry.
I mentioned the “cult of equities” earlier this morning; An article in the Atlantic on the Cult of Finance is making the rounds: The Quiet Coup. I found it very similar to Bailout Nation. If this sort of stuff floats your boat, then you will love the book — it gets much more granular than…Read More
Since the credit crisis began, I have frequently found myself in agreement with Paul Krugman. Not everything, but for the most part, especially on many major points, we are sympatico: He has been correct about Moral Hazard, about the folly of these many bailouts, about the advantages of nationalizing the banks. And, I suspect he…Read More
Joe Nocera had a brutal — and brutally honest — column today. He essentially states that the Madoff victims were willing accomplishes through their own naivete and bad judgment. “And yet, just about anybody who actually took the time to kick the tires of Mr. Madoff’s operation tended to run in the other direction. James…Read More
NBR’s Darren Gersh talked with Jim Chanos, President of Kynikos Associates. He asked the legendary short seller for his take on investment opportunities in this market. A portion of the interview aired in tonight’s program. You can watch the extended version here. Just click the image below. (You need Flash installed to watch.)
click for video
Avinash Persaud, founder and Chairman of Intelligence Capital, discusses regulatory solutions that would avoid this happening next time: Lending to a Credit Rating
The credit rating section begins at ~22 minute
Gresham College, Running time 51 min 45 sec
One of the puzzles of the 2007/8 credit crunch is how a relatively small loss of capital in a tiny market segment was transformed into a global financial crisis costing close to $1 trillion and sending the world economy into slowdown.
Key players in this tragedy are a set of legal and accounting principles that are well-meaning, but turn financial hiccups into liquidity black holes.