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Panel Gives Wins to Savers, Raters
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US Senate lawmakers agreed to increase the FDIC deposit insurance limits to $250,000 from $100,000. These limits have not been permanently increased since 1980- the increase in late 2008 was a temporary measure to support the banking system. Credit rating agencies pushed hard to avoid the setting up of a credit ratings watchdog agency and succeeded. Under Senator Al Franken's provision a government overseen credit ratings agency board would be setup and it would assign new financial products to ratings agencies for rating. 63 Senators had supported this provision in a Senate debate. Intense lobbying from ratings agencies to avoid this government oversight resulted in shelving of this provision. The change is to ask the SEC to study the conflict of interests issue and how an independent agency might function, and give the SEC authority to setup such a system.
2008 subprime mortgage securities financial crisis
08/05/2007
Financial crisis from the widespread distribution of securities created from pools of subprime mortgages in the portfolios of finacil institutions around the globe. How credit rating agencies helped create the crisis by giving A ratings to these securities which were then widely distributed as credit worthy.
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BusinessWeek 04/01/2010
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Recipes for Ruin, in the Gulf or on Wall Street
New York Times 06/11/2010
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
Wall Street Journal 02/27/2008
Credit Ratings becoming optional.
10/30/2009
Grouped Articles
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Credit Ratings Now Optional, Firms Find
Wall Street Journal 10/30/2009
Panel Gives Wins to Savers, Raters
Wall Street Journal 06/16/2010
Ratings Agencies Keep Their Influence
New York Times 02/01/2011
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
Wall Street Journal 07/23/2011
The lack of meaningful reform of credit rating agencies.
10/01/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Wall Street Journal 10/01/2009
Failure to reform the credit ratings system in the aftermath of the massive 2008 crisis.
12/08/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Five Years On, Confidence Still Lacking in Conflicted Ratings System
Wall Street Journal 09/11/2013
S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
A Crisis Is a Terrible Thing to Waste
BusinessWeek 12/17/2009
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