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Credit Ratings Retreat
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Failure of U.S. regulatory agencies to implement an important provision of the Dodd-Frank legislation- instructing regulators to find all references to ratings agencies in their rules, and then replace them with better standards for judging credit risk. Treasury's Office of the Comptroller of the Currency, is one of the agencies trying to gut this reform, says this Wall Steet Journal editorial. The S.E.C. voted unanimously in March and April to propose rules eliminating credit agencies in their regulations on money funds and stock brokerages. As the comment periods have ended, the Journal calls for the rules to be immediately made final. Officials from FDIC and OCC are dragging their feet on this. One problem they face is their assumption that the Dodd-Frank law requires them to come up with the perfect rule for measuring credit risk. This is not what the change is intended to do. It is enough says the Journal to return the responsibility for the right metrics and the hard work of analyzing a security back to where it belongs- to people who manage these assets and institutional managers. Even if they made some mistakes it would be far less than the systemic risk posed by having all major institutions making the same mistake at the same time and the entire system following flawed ratings by the big three credit ratings agencies. This happened in the 2008 mortgage securities financial crisis. S&P has stated that it does not support the old system. And new alternatives are appearing for ratings- CreditSights, Rapid Ratings, Kroll Bond Ratings which got S.E.C.' support, and other alternatives still to come.
Credit Ratings becoming optional.
10/30/2009
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Ratings Agencies Keep Their Influence
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Debt Raters Avoid Overhaul After Crisis
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The credit ratings on U.S. Treasury Securities
04/19/2011
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S&P's Account of An Irate Treasury Secretary
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For Treasury Bulls, It's All Good
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S&P Says July Downgrade Possible
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Wall Street Journal 07/15/2011
On debt, Obama team pleaded with credit rating firms before downgrade warnings - The Washington Post
Washington Post 07/16/2011
S&P and credit rating for U.S. debt
07/22/2011
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S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
S&P Nears Settlement on Real-Estate Bond Ratings
Wall Street Journal 12/26/2014
Making the Call on U.S. Credit Rating
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Wall Street Journal 07/23/2011
S&P downgrades U.S. credit rating for first time - The Washington Post
Washington Post 08/06/2011
S&P's Rationale for Downgrading the U.S.
New York Times 08/06/2011
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.
Grouped Articles
BusinessWeek 04/01/2010
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
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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 rating agencies and the Dodd-Frank financial overhaul law
11/16/2010
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Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
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
How the Next Financial Crisis Will Happen
Wall Street Journal 06/10/2015
How Regulators Mess With Bankers’ Minds, and Why That’s Good
New York Times 04/14/2016
Why Credit Raters Keep Their Power
Wall Street Journal 11/16/2010
Views on U.S. financial reform at conferences
04/16/2010
Views expressed at the American Economic Association 2011 meeting that Dodd-Frank reforms have not made the changes needed.
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Trench Warfare: Send In the Deputies
New York Times 04/16/2010
Obama Presses Regulators to Finish Financial Rules
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Obama Presses for Action on Bank Rules
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Volcker Rule to Curb Bank Trading Proves Hard to Write
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Experts Grade the Financial Legislation
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How Regulators Mess With Bankers’ Minds, and Why That’s Good
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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
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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
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The S.E.C. and the Credit Ratings Agencies in the U.S. - 2010-2014
12/08/2009
The failure of the Securities and Exchange Commission to keep the intent of the Dodd-Frank law, and hold credit ratings agencies accountable for ratings they issue. This opens the door to the kinds of problems that caused the financial crisis of 2008.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
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
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
Credit Ratings firms and the U.S. and Eurozone financial crisis of 2010-2012
12/08/2009
Criticism of credit ratings firms. European commissioner Barnier calls for banning credit raings on countries receiving financial aid after Moody's strongly downgraded Protugal's debt ratingin July 2011. The problems of credit ratings being very pro-cyclical and the need to reduce the role of ratings in the market and regulatory framework in Europe.
Grouped Articles
ECB Chief Seeks Tighter Fiscal Union
Wall Street Journal 06/22/2010
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Ratings Gag Is No Joking Matter
Wall Street Journal 07/12/2011
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
Wall Street Journal 07/23/2011
S&P downgrades U.S. credit rating for first time - The Washington Post
Washington Post 08/06/2011
Failure to implement the Dodd-Frank provision that removes a government requirement of credit ratings on securities
01/02/2009
The foot dragging that has held up this change comes from the Treasury's Office of the Comptroller of the Currency. Treasury Secretary Geithner said in a recent op-ed piece in the Wall Street Journal that he would ask the President to veto any changes to the Dood-Frank legislation. The S.E.C. and other regulators have not made the changes as required by the reform law. A Wall Street Journal editorial on July 23, 2011, points to the failure to make this change by regulatory agencies.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Five Years On, Confidence Still Lacking in Conflicted Ratings System
Wall Street Journal 09/11/2013
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Barney Frank on the Dodd-Frank financial reform law, one year later in 2011
04/16/2010
Frank gives the CFTC, and S.E.C. good grades for working in difficult conditions to write the rules. He gives the Comptroller of the Currency a D grade His main fear is the Republicans in Congress stalling and crimping the resources and functioning of the regulatory agences. He fears that Republican politicians with financial backing from the banking industry are looking at 2012 elections as an opportunity to reverse the changes. Chris Dodd is now a lobbyist for the Motion Picture Industry.
Grouped Articles
Banks Criticize Strict Controls for Foreign Bets
New York Times 04/30/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
U.S. Treasury Secretary Geithner on the state of financial regulatory reform in mid- 2011
01/02/2009
Geithner says efforts in Congress to slow the implementation of the Dodd-Frank legislation hurts efforts to put in place necessary protections for the financial system after the crisis of 2008.
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
A Dodd-Frank Retreat Deserves a Veto
Wall Street Journal 07/20/2011
Barney Frank, Financial Overhaul Defendor in Chief
New York Times 07/21/2011
Debating Dodd-Frank: Is 'Too Big to Fail' Gone?
Wall Street Journal 07/21/2011
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