ratings agencies

  • News

    U.S. Ever-So-Slowly Creaking Away From Official Reliance on Ratings

    DealBook is reporting that “S.E.C. Removes Credit Ratings From Regulations” but that’s a bit of an overstatement. The SEC today issued final rules on short-form registration of debt securities. The old rules allowed certain investment grade issuers to use Form S-3 to register debt rather than the more time-consuming Form S-1; the new rules delete […]

    / Jul 26, 2011 at 5:35 PM
  • News

    S&P Is Half Serious About Downgrading The US

    They’ll say it again:

    / Jul 21, 2011 at 6:12 PM
  • News

    David Einhorn Has A Question

    / Jul 8, 2011 at 10:17 AM
  • News

    Senate Subcommittee Report Shows Ratings Agencies Willing To Be Defiled By Paying Customers, Able To Look In The Mirror By Pretending To Have Standards To Each Other

    Late last evening, Senator Carl Levin released a report of his investigation into the financial crisis entitled “Wall Street And The Financial Crisis: Anatomy Of A Financial Collapse.” The majority of the blame goes toward investment banks, particularly Goldman Sachs (described by Levin- no relation- as “a financial snake pit rife with greed, conflicts of […]

    / Apr 14, 2011 at 11:47 AM
  • News

    Anyone Want A Job With Meredith Whitney?

    Have you been dying to work under Meredith Whitney but hadn’t heard of any openings at the firm? Now’s your chance! As you may have heard, Whitney is starting her own ratings agency and has applied to become a Nationally Recognized Statistical Ratings Organization (NRSRO. Fortune‘s Katie Benner has some of the details, including a […]

    / Feb 3, 2011 at 1:30 PM
  • News

    Ireland: Fitch Has No Idea What It’s Talking About

    Earlier today, Fitch downgraded Ireland three notches to a triple-B plus rating, citing “weaker prospects and greater uncertainty regarding the economy as a result of the intensification of the financial crisis,” noting that Ireland’s sovereign credit profile is no longer consistent with a high investment grade rating.” According to the Emerald Isle, this is bull […]

    / Dec 9, 2010 at 1:53 PM
  • News

    Another Pundit is Pissed at Warren Buffett’s Performance

    Ed Andrews, former NY Times reporter and predatory lending victim, has a few words for the Oracle of Omaha in his latest blog post.

    / Jun 3, 2010 at 2:37 PM
  • News

    Einhorn: We Don’t Need No Stinking Ratings Agencies

    David Einhorn likens not having ratings agencies to when his parents decided to move to Wisconsin when he was seven. “I didn’t know what would happen. I was very upset at the time, but we moved it kind of worked out OK. The idea that If we didn’t have official ratings, that something bad would happen, I don’t think that makes much sense.”

    / Jun 3, 2010 at 12:03 PM
  • News

    Bill Ackman: “Wait To Rate”

    The Pershing Square founder’s Ira Sohn conference presentation on “how to save the ratings agencies (and the capital markets).”

    / Jun 2, 2010 at 1:09 PM
  • News

    More Subpoenas for Big Banks, This Time from Cuomo

    After filing suit earlier this week against Ivy Asset Management for feeding pension fund money to Bernie Madoff, NY Attorney General Andrew Cuomo is turning his attention back to the big banks, which will obviously score many more political points when he runs for governor in November. The latest probe from Cuomo involves the banks’ […]

    / May 13, 2010 at 2:29 PM
  • News

    Ackman: Rating Agencies Should Suffer

    You can’t go around rating “shitty deals” AAA and get away with it. I actually think it would be a good thing for rating agencies if they suffered some consequences for bad opinions.” “One of the problems is, when you have an institution who is allowed to write opinions that have enormous market impact, but […]

    / May 13, 2010 at 11:19 AM
  • News

    Oracle Cuts Back As Ratings Agencies Cut Back

    Warren Buffett’s a pretty moral guy, we think. He’s old, yes, and thinks that railroads are the future as we enter the year 1910. But he isn’t a cheating bastard. He just invests in them: to wit, his 13% stake in the lying, thieving Moody’s Corp., parent of the august Moody’s Investor Services, one of […]

    / Dec 23, 2009 at 1:13 PM
  • News

    Someone Else Thinks Ratings Agencies Do A Pretty Piss-Poor Job

    Somebody is finally doing something about those corrupt, self-serving companies that we all rely on to tell us just how risky this stupid bond is. Ohio is suing the ratings agencies. With the Feds spitting the bit on regulating an industry that never saw a mortgage-backed security or collateralized debt obligation it didn’t want to […]

    / Nov 20, 2009 at 1:02 PM
  • News

    Speculation, However Informed….

    Consider for a moment this quote from Eastman Kodak: “Any speculation, however informed, suggesting that Kodak is less than financially sound, is irresponsible….” What’s the message here? That responsible speculators (whatever that means) are universally bulls? That the mere hint of bearishness is some sort of un-patriotic essence of evil? Kodak was responding, of course, […]

    / Mar 10, 2009 at 12:20 PM
  • News

    Dating Ms. Junk Bond

    Yesterday, Banker’s Ball “introduced” us to Mr. Junk Bond, and the poor investment choice that is dating him. Charming, unpredictable, decisive and intense, Mr. JB starts off a Ba/BB, but quickly gets downgraded to Caa/CCC when he fails to remember your name. Due to various other transgressions, a D rating is not too far off. […]

    / Jun 5, 2008 at 9:39 AM
  • News

    The Municipal Bond Ratings Debate Hits The New York Times

    The municipal bond ratings debate made the front page of the New York Times this morning, no doubt giving succor to fans of the Eisinger Thesis and its correlative, the Radically Inefficient Markets Hypothesis. By way of background, in the last issue of Portfolio senior writer Jesse Eisinger argued that ratings agencies were being burdened […]

    / Mar 3, 2008 at 10:50 AM
  • News

    Is There A Market Demand For Relative Muni Bond Ratings?

    Felix Salmon is skeptical that there is a market demand for bond ratings the differentiate between various issuers. His skepticism, however, is built on a simplistic image of who invests in bonds. To Salmon, it seems that muni bond investors are mostly old ladies in tennis shoes who buy bonds when they aren’t protesting water […]

    / Feb 28, 2008 at 9:09 AM

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