Word: walles
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...fresh idea comes from Eric Dinallo, the New York state insurance superintendent, who in a March 3 Wall Street Journal op-ed suggested that insurance commissioners mediate the ratings process, since insurers are among the largest buyers of rated bonds. Regulators would collect a fee from insurance outfits and then use the money to buy ratings for everyone to use. If the ratings proved too rosy over time - or inaccurate in another way - regulators would switch to a different ratings company...
Last July, the Securities and Exchange Commission (SEC) put out a report detailing how the major credit-ratings agencies abetted the subprime-mortgage meltdown. By wildly overestimating the quality of the dicey securities that Wall Street was churning out, the ratings firms helped investors load up on those securities - the same ones that are now, in many cases, near-worthless and clogging up the financial system. Plenty of people at the ratings agencies were aware of trouble brewing. In December 2006, a manager at Standard & Poor's e-mailed a colleague: "Let's hope we are all retired and wealthy...
...It’s going to be interesting to see how St. John’s views us,” Delaney-Smith said. “I wonder if they are looking past us. It’d be interesting to be a fly on their locker room wall...
...taxpayers have spent trillions of dollars bailing out. The GOP blamed Democratic ineptitude in the rush to pass too many bailouts; Democrats and Republicans alike said the Treasury Secretary Geithner has been asleep at the wheel; and the Obama Administration tried to refocus attention on the consensus point that Wall Street greed is the opposite of good. "In the end, this is a symptom of a larger problem - a bubble and bust economy that valued reckless speculation over responsibility and hard work," President Obama said in a statement. "That is what we must ultimately repair to build a lasting...
...their best people to foreign banks, boutique firms or hedge funds that can pay bigger bonuses. "The week's events will cause a brain drain of salespeople, rank and file and middle management to non-TARP companies," said Scott Talbott, vice president of the Financial Services Roundtable, which represents Wall Street's interests in Washington. "The loss of these employees will weaken TARP companies." The compensation crackdown already has other private sector players thinking twice about partnering with the Administration to help unload the banks' toxic assets and get the credit markets moving. (Read "Freddie Mac: Government's New Black...