bills_fan Posted October 23, 2008 Share Posted October 23, 2008 You do realize that they've been having hearings for the last month? Three have been completed, with three more to go... Have they had them for the ratings agencies yet? I would pay to see those. Link to comment Share on other sites More sharing options...
GG Posted October 23, 2008 Share Posted October 23, 2008 Have they had them for the ratings agencies yet? I would pay to see those. Five hours worth today, for free. Cox & SEC tomorrow. Link to comment Share on other sites More sharing options...
YellowLinesandArmadillos Posted October 23, 2008 Share Posted October 23, 2008 ...launched one 6 months ago about the economic crisis? Could it be that they can't find a Republican to blame for the mess they created with their social engineering and pandering for votes? You are just not paying enough attention: Here is the most recent listing I found. DPC Hearing An Inside View of the "Second Insurgency": How Corruption and Waste Are Undermining the U.S. Mission in Iraq Monday, September 22, 2008 1:30 p.m. to 3:00 p.m. 628 Dirksen Senate Office Building Here are some more listings: # Contractor Misconduct and the Electrocution Deaths of American Soldiers in Iraq (7/11/08) # Safeguarding Taxpayer Dollars in Iraq: An Insider's View of Questionable Contracting Practices by KBR and the Pentagon (7/9/08) # The Exposure at Qarmat Ali: Contractor Misconduct and the Safety of U.S. Troops in Iraq (6/20/08) # Have Bush Administration Reconstruction and Anti-Corruption Failures Undermined the U.S. Mission in Iraq? (5/12/08) # Contracting Abuses in Iraq: Is the Bush Administration Safeguarding American Taxpayer Dollars? (4/28/08) Nice try though Link to comment Share on other sites More sharing options...
bills_fan Posted October 23, 2008 Share Posted October 23, 2008 Five hours worth today, for free. Cox & SEC tomorrow. Damn it, missed it. You see any of it? People I have spoken to are not even listening to Moody's anymore, they totally lost all credibility. S&P is not far behind. Contracts are being rewritten to remove reference to ratings downgrades as default events. Also, SEC is proposing rules to remove "investment grade rating" as a criteria for using S-3, I expect Finra will do the same with respect to QIUs. Soon, these loathsome entities will be irrelevant. Link to comment Share on other sites More sharing options...
elegantelliotoffen Posted October 23, 2008 Share Posted October 23, 2008 Here's one. In testimony before the House of Representative’s oversight committee – the first to Congress by a Wall Street executive since the passage last week of a $700bn (€518bn, £402bn) bail-out for the financial industry – Mr Fuld said he took responsibility for his actions. But “no one realised” the extent of the problems facing Wall Street, he said, and even as Lehman fell into an abyss, he had kept regulators and others informed of what was happening behind closed doors. Mr Fuld admitted he had been caught off guard by the severity of the crisis. Link to comment Share on other sites More sharing options...
GG Posted October 23, 2008 Share Posted October 23, 2008 Damn it, missed it. You see any of it? People I have spoken to are not even listening to Moody's anymore, they totally lost all credibility. S&P is not far behind. Contracts are being rewritten to remove reference to ratings downgrades as default events. Also, SEC is proposing rules to remove "investment grade rating" as a criteria for using S-3, I expect Finra will do the same with respect to QIUs. Soon, these loathsome entities will be irrelevant. Caught a few tidbits. Have to admit, it will be tough to get rid of the agencies. Bondholders at least need a third party arbiter. Someone has to provide an independent view of what investment grade is. Last few months have shown how easy it is for the market to be completely askew in a panic. I doubt that corporate treasurers want that kind of volatility risk, nor do the portfolio managers. SEC has proposed taking the agencies out of the picture, but the response has been an overwhelming opposition from the fund managers. Link to comment Share on other sites More sharing options...
bills_fan Posted October 23, 2008 Share Posted October 23, 2008 Caught a few tidbits. Have to admit, it will be tough to get rid of the agencies. Bondholders at least need a third party arbiter. Someone has to provide an independent view of what investment grade is. Last few months have shown how easy it is for the market to be completely askew in a panic. I doubt that corporate treasurers want that kind of volatility risk, nor do the portfolio managers. SEC has proposed taking the agencies out of the picture, but the response has been an overwhelming opposition from the fund managers. I agree, we need a third party arbiter, but these three agencies are so tainted and shameless, it won't be them. It will be a new entity or two. Completely disassociate from the past disasters. The fund managers may just have to deal with it, many of them will be casualties of war in the next 6 months. Those that remain will have to deal with new agencies, IMHO, that actually audit then rate appropriately. I can see some type of special status like nonprofit bestowed on the new agencies to remove the conflict of interest and get a truly independent agency. Link to comment Share on other sites More sharing options...
GG Posted October 23, 2008 Share Posted October 23, 2008 I agree, we need a third party arbiter, but these three agencies are so tainted and shameless, it won't be them. It will be a new entity or two. Completely disassociate from the past disasters. The fund managers may just have to deal with it, many of them will be casualties of war in the next 6 months. Those that remain will have to deal with new agencies, IMHO, that actually audit then rate appropriately. I can see some type of special status like nonprofit bestowed on the new agencies to remove the conflict of interest and get a truly independent agency. Then how do you remove the conflict? No matter who pays in the issuer/investor equation creates the conflict. The rating agency who's influenced by the issuers now would just as likely to be influenced by the other side that pays. If you turn it into a non-profit then you'll foster a stale government bureaucracy organization. The real problem with the agencies is that they got caught up in the securitization euphoria and rated the issuances based on models that weren't stress tested in real life defaults. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 23, 2008 Share Posted October 23, 2008 I don't understand how a guy that's so knowledgeable and rational about football can be so closed minded and partisan about politics. That's a shame cincy... He's a Baby-Boomer. It is all about "me" with the Boomers... Started when Ma and Pa first plunked them in front of the "new fangle TV"... He is the problem... Maybe when they all pass on, we can find a cure for everything. I am glad it skipped a generation with me... My parents are neither Boomers, nor am I. I do have two dysfunctional Boomer older siblings. They will be raising their children into their children's 30's... :ph34r: Link to comment Share on other sites More sharing options...
bills_fan Posted October 23, 2008 Share Posted October 23, 2008 Then how do you remove the conflict? No matter who pays in the issuer/investor equation creates the conflict. The rating agency who's influenced by the issuers now would just as likely to be influenced by the other side that pays. If you turn it into a non-profit then you'll foster a stale government bureaucracy organization. The real problem with the agencies is that they got caught up in the securitization euphoria and rated the issuances based on models that weren't stress tested in real life defaults. I'm not sure it would be stale and they already are bureaucratic. Its true they did not stress test the models, but then they exacerbated the situation (see AIG). Link to comment Share on other sites More sharing options...
Boomer860 Posted October 23, 2008 Share Posted October 23, 2008 I don't watch TV in the morning when I'm home but I was in San Francisco for business and each morning turned on CNN while I was getting ready for work. The answer is YES. They were televising it live. So much for that. Go back to your boat. SanFrancisco , CNN ,hardcore hmmm Link to comment Share on other sites More sharing options...
stuckincincy Posted October 23, 2008 Author Share Posted October 23, 2008 (edited) He's a Baby-Boomer. It is all about "me" with the Boomers... Started when Ma and Pa first plunked them in front of the "new fangle TV"... He is the problem... Maybe when they all pass on, we can find a cure for everything. I am glad it skipped a generation with me... My parents are neither Boomers, nor am I. I do have two dysfunctional Boomer older siblings. They will be raising their children into their children's 30's... :wallbash: Your thickness and lack of perception is only exceeded by your assured civil service status, my dear apparatchik friend. "People with glass glossaries shouldn't fling euphemisms.". Nor the flinging of affectatious italics hither and yon. Although that particular behavior seems to have subsided recently. Uh Oh. Unsolicited personal shots. Oh My! How about cutting the crap, EII? Punching in a snide assumptive post in support of the words of a third party if you have a beef with me isn't very becoming. Can ya dig it? Edited October 23, 2008 by stuckincincy Link to comment Share on other sites More sharing options...
stuckincincy Posted October 23, 2008 Author Share Posted October 23, 2008 You do realize that they've been having hearings for the last month? Three have been completed, with three more to go... Waxman's? There's a guy who gets to the bottom of things.. Link to comment Share on other sites More sharing options...
DC Tom Posted October 23, 2008 Share Posted October 23, 2008 Your thickness and lack of perception is only exceeded by your assured civil service status, my dear apparatchik friend. "People with glass glossaries shouldn't fling euphemisms.". Nor the flinging of affectatious italics hither and yon. Although that particular behavior seems to have subsided recently. Uh Oh. Unsolicited personal shots. Oh My! How about cutting the crap, EII? Punching in a snide assumptive post in support of the words of a third party if you have a beef with me isn't very becoming. Can ya dig it? Man, you sound just like him. How'd you do that? Link to comment Share on other sites More sharing options...
East Brady Posted October 24, 2008 Share Posted October 24, 2008 Waxman's? There's a guy who gets to the bottom of things.. Thought you might find this interesting reading. http://www.minneapolisfed.org/research/WP/WP666.pdf Comes complete with pictures and charts, kinda neat-o....... Oh didn't you hear Greenspan claims he had noooooo clue yet, they call him the MAESTRO!!!! And now his buddy, some guy named Bernanke is really f'n it all up. They call that fixing the problem. :lol: Party on!!! GO FED GOOOO!!!! Link to comment Share on other sites More sharing options...
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