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Markus Krebsz - Scottish Financial Risk Academy (SFRA) Inaugural Colloquium - Risky Ratings - Reducing Over-Reliance

At the Scottish Financial Risk Academy (SFRA) Inaugural Colloquium in Edinburgh on the 4 November 2010, Markus Krebsz presented "Risky Ratings - Reducing Over-Reliance by using the Agencies' analysis sensibly.

Download the Slide Deck here!

Commission measures for a safe and stable financial system in Europe

As part of its work on preventing a future crisis and strenghtening the financial system, the European Commission has put forward a proposal on Credit Rating Agencies (CRA) and launched a public consultation on reforming corporate governance in financial institutions. Furthermore, it has adopted a Communication where it commits itself to move swiftly in completing the necessary reforms to ensure a safe and sound European financial system.

Moody's CEO - inaccurate ratings of subprime mortgage-related investments deeply disappointing

The chief executive of Moody's says his company's inaccurate ratings of mortgage-related investments were "deeply disappointing" but investors shouldn't rely on ratings to buy or sell securities. "Moody's is certainly not satisfied with the performance of these ratings" and is taking steps to improve its rating process, says CEO Raymond McDaniel in prepared testimony. Still, McDaniel says investors should use ratings as a tool, "not a buy, sell or hold recommendation."

Prosecutors Ask if 8 Banks Duped Rating Agencies

The New York attorney general has started an investigation of eight banks to determine whether they provided misleading information to rating agencies in order to inflate the grades of certain mortgage securities, according to two people with knowledge of the investigation.

The investigation parallels federal inquiries into the business practices of a broad range of financial companies in the years before the collapse of the housing market.

Where those investigations have focused on interactions between the banks and their clients who bought mortgage securities, this one expands the scope of scrutiny to the interplay between banks and the agencies that rate their securities.

Standard & Poor's and Moody's criticised over financial crisis

The behaviour of two credit rating agencies in the run-up to the financial crisis has been criticised by US senators following an investigation.

The Senate committee said Moody's and Standard & Poor's instilled "unwarranted high confidence" in certain risky financial products. It also said that they were influenced by the banks that paid their fees. The committee will hear testimony from current and ex-officials of Standard & Poor's and Moody's later on Friday.

'Massive economic damage'

SEC tightens grip on ratings agencies

The US Securities and Ex­change Commission passed rules on Thursday to tighten supervision of credit ratings agencies following a torrent of criticism over their role in the financial crisis.

Credit ratings agencies, which are usually paid by the issuers they rate, came under fire during the crisis because they gave top ratings to hundreds of billions of dollars of bonds backed by risky mortgages and other loans that are now in many cases worthless.

A New York Ciy Court Judgment: Are the Ratings Agencies finally going to admit defeat?

the captureIts only a matter of time but this is a stake in the back of these vampires!

Flawed Credit Ratings





“We know the spreads are more accurate than ratings”

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