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S&P Is Facing a Bipartisan Backlash in Washington
Keywords:
The process leading to the credit rating downgrade for the U.S., including S&P's $2 trillion error in estimating the total U.S. deficit in the next ten years, is causing both Republicans and Democrats to agree on the need for greater public scrutiny of the agencies. Congressmen from both parties in Congress now agree that ratings firms need to play a smaller role in the financial system than they have in the past. It now appears certain that there is no chance that Congress will allow a change in the Dodd-Frank legislation provision that requires regulators to take out references to ratings from their rules. Banking trade groups had been pushing for a change in the provision. Karen Petrou of advisory firm Federal Financial Analytics says this event will also make U.S. regulators look for ways in which changes can be made to international financial agreements that require credit ratings. This includes the capital and liquidity requirements laid out by the Basel Committee. The credit ratings firms say they support efforts to decrease reliance on their ratings in the rules.
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
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
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
The credit ratings on U.S. Treasury Securities
04/19/2011
Grouped Articles
S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
Wall Street Journal 04/19/2011
For Treasury Bulls, It's All Good
Wall Street Journal 06/20/2011
S&P Says July Downgrade Possible
Wall Street Journal 07/15/2011
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
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
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
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
S&P and credit rating for U.S. debt
07/22/2011
Grouped Articles
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
Wall Street Journal 07/22/2011
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
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