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Why Wall Street Can't Handle the Truth
Keywords:
FactSet Research Systems shows that of 13,339 ratings of U.S. listed companies 96% were buy, hold or overweight. Only 4% were sell or underweight. Mike Mayo describes the difficulties he faced giving true ratings of banks that reflected loan and other problems- in over 2 decades as a bank analyst- in his book "Exile on Wall Street." A significant culture change is required, says Mayo, for the hundreds of analysts who do the ratings to perform their function of providing proper scrutiny of companies. The clout of banks in the American capitalism of today also works to the severe detriment of the economc system to perform the way it should. He says the U.S. should look to the Financial Services Authority in Britain for the kind of actions that are needed for the financial sector supervisory officials. He points out that the FSA fired many of its existing staff and looked for new talent, at the same time increasing the salaries and benefits so that regulatory supervisors were not looking for opportunities in the private sector.
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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A Toxic Subprime Mortgage Bond's Legacy Lives On
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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
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Wall Street Journal 02/27/2008
Credit Ratings becoming optional.
10/30/2009
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What Crisis? Big Ratings Firms Stronger Than Ever
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Credit Ratings Now Optional, Firms Find
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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
Fitch Ratings
08/12/2011
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Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Italy Called Biggest Euro-Zone Threat
Wall Street Journal 01/11/2012
U.S. ratings agencies
02/01/2011
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S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
Ratings Agencies Keep Their Influence
New York Times 02/01/2011
Ratings Agencies Face Crackdown
New York Times 05/19/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Ratings Firms Misread Signs of Greek Woes
New York Times 11/29/2011
Banks' Ratings Reliance Nears End
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RBS and Lloyd's credit ratings
09/25/2010
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The future of Lloyds: Stuff happened
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Why Wall Street Can't Handle the Truth
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British Regulator Takes Partial Blame for R.B.S. Failure
New York Times 12/13/2011
RBS Jet Lessor Fetches $7.3 Billion
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Wall Street Journal 02/23/2012
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.
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Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
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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
Books and stories about the 2008 financial crisis, financial collapse on Wall Street, and the men who made it happen.
01/02/2009
Stories by Lowenstein, Gross and Lewis.
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âAlchemistsâ Looks at Central Bankersâ Handling of Crisis
New York Times 05/04/2013
On Wall St., A Culture of Greed Won't Let Go
New York Times 07/15/2013
Commentary: First, Slap Limits on Bank Leverage
BusinessWeek 03/11/2010
BusinessWeek 04/01/2010
How the 'Wolf of Wall Street' Really Did It
Wall Street Journal 01/04/2014
Wall Street Journal 03/06/2009
Books and movies on the 2008-2009 global financial crisis.
01/02/2009
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âAlchemistsâ Looks at Central Bankersâ Handling of Crisis
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BusinessWeek 04/01/2010
How the 'Wolf of Wall Street' Really Did It
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Wall Street Journal 03/06/2009
An Ambitious Look at Wall Street's Convulsions
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Financial Crisis Was Avoidable, Inquiry Concludes
New York Times 01/25/2011
Britain's Financial Services Authority (FSA)
12/03/2010
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Wall Street Journal 12/03/2010
New York Times 12/03/2010
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Britain’s financial industry: Death by a thousand cuts
Economist 01/07/2012
Bank analyst Mike Mayo and the problems with bank ratings
11/05/2011
Mayo worked as a bank analyst for two decades. He describes the problems he faced in giving banks a negative rating in an environment where only 3% of bank ratings are negative. His new book is - "Exile on Wall Street
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Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
India and America, Two Peas in a Pod
New York Times 11/08/2011
On Wall Street, Some Insiders Express Outrage
New York Times 12/01/2011
Banks' Ratings Reliance Nears End
Wall Street Journal 12/08/2011
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
S&P's efforts to reestablish the credibility of its ratings system in 2011-2013
04/14/2011
Grouped Articles
SEC Tells S&P It Could Face Enforcement Action
Wall Street Journal 07/24/2014
Regulators Struggle With Conflicts in Credit Ratings and Audits
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S&P Nears Settlement on Real-Estate Bond Ratings
Wall Street Journal 12/26/2014
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Wall Street Journal study of the performance of credit ratings firms for sovereign defaults since 1975
08/12/2011
A review of the performance of the sovereign ratings units of S&P, Moody's Investors Service and Fitch Ratings, shows the ratings firms did poorly in predicting defaults in the 12 months preceding the actual default. The ratings take into account static indicators such as current account balances but pay less attention to political changes and bank deposit flows. Investment managers turn to changes in bond yields for government debt as a better indicator of default conditions.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
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A Warning Light to Alert the I.M.F.
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What Crisis? Big Ratings Firms Stronger Than Ever
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Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
New S&P Chief Knows Crisis and Change
New York Times 08/24/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
The credit ratings of large U.S. banks
09/21/2011
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Moodyâs Downgrades Credit Ratings of Three Large Banks
New York Times 09/21/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
S&P Cuts Its Ratings for 15 Banks
New York Times 11/30/2011
Banks' Ratings Reliance Nears End
Wall Street Journal 12/08/2011
Wall Street Journal 06/22/2012
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.
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ECB Chief Seeks Tighter Fiscal Union
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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
Books on the euro-zone financial crisis of 2010-2012
08/13/2011
The book "Greece's 'Odious Debt': The Looting of the Hellenic Republic," is a frank and insightful acccount of the Greek debt crisis by a hedge fund manager for emerging markets, Jason Manalopoulos. He asks timely and relevant questions which can be posed for Greece, the U.S. and other countries.
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Hedge Funders Are All a Little Nuts
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How the 'Wolf of Wall Street' Really Did It
Wall Street Journal 01/04/2014
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
European Leaders Seek Bold Debt Deal, Despite Hurdles
New York Times 10/21/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
FSA investigations of UK banks for bad decisions leading to huge losses
12/03/2010
Grouped Articles
Wall Street Journal 12/03/2010
New York Times 12/03/2010
British banks: Vickers in a twist
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Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
British Commission Says Bank Reforms Don't Go Far Enough
New York Times 12/21/2012
Challenging the embedded thinking on Wall Street and in the City of London.
09/24/2009
The unregulated functioning of free markets is a result of regulators and the banking community both believing that the uninhibited operation of free markets is the best way to generate economic growth. This makes it easy for regulators to be coopted and falling asleep on the job. Turner Adair of Britain's FSA, and other leaders, who are trying to bring fresh thinking to regulatory reforms.
Grouped Articles
On Wall St., A Culture of Greed Won't Let Go
New York Times 07/15/2013
New York Times 12/27/2011
Britain’s Top Financial Regulator Takes On Banks
New York Times 09/24/2009
British Banks Will Face Tougher Liquidity Rules
New York Times 10/06/2009
The U.K.'s Tough Line on Liquidity
Wall Street Journal 10/07/2009
A Lack of Fiscal Fitness Is Weighing on the Pound
Wall Street Journal 10/14/2009
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