For a hundred years, Main Street investors trusted U.S. credit rating agencies to guide them toward safe investments.
Those toxic mortgages were scooped up by Wall Street firms that bottled them in complex financial instruments.
So the market share was a factor there as well as to whether or not you would use the new available information to re-ra...
Market share should not be driving ratings.
Our markets, if we lose our credibility, not only have the folks on Wall Street lost an incredible business, not only th...
He sure put his finger on WaMu.
It was common knowledge that ratings shopping occurred in structured finance.
So market share mattered, in a nutshell.
Pressure by the investment bankers on your analysts. Pressure applied by managers at Moody's to maintain market share.
I think we got the answer that it ought to be a factor.
So that it should affect it?
Let me just ask a couple questions quickly about synthetic CDOs.
So, again, when they said in that email no special measures, there should have been special measures taken?
We saw the beginning of the assault in our first two hearings, which examined how U.S. financial institutions turned to ...
Going back to this question of what happened late in 2007...
Well, that is not the part of the testimony he finally acknowledged, which is they were short of resources and didn't ge...
What is your reaction now that you read that, that something that would have been done otherwise could not be done becau...
I am just asking a simple, straightforward question.
