Yes, but you could removed analysts. You might have remove analysts for that reason.

It would have resulted in downgrades for many of the RMBS securities.

Do you know anything about the use of dummies, Ms. Yoshizawa?

So that Standard and Poor's assigns lower ratings to lenders that are known for poor quality loans with high delinquency rates?

Did Moody's reevaluate wholesale or just certain transactions?

Was there a fee charged for surveillance?

I was pretty amazed.

Is there any evidence that market share drove ratings? Have you seen it? Have you looked at these exhibits?

It should have been.

Did you ever remove a person from transactions with particular banks because of complaints from that bank?

There was a message from Ms. Warner in Exhibit 87 pleading for resources.

Would you agree that there was great pressure to feed the origination machine?

Or if the bank got mad enough at an analyst and it was contentious enough, then you might tell the analyst, we are removing you for your own sake.

there has got to be a way that the regulators are going to find to eliminate this conflict of interest.

Well, that may be what they believed, but I am asking you what should be the case.

It seems to me, is going to shake up folks that are listening to this testimony as to how much these credit ratings can be relied on.

We need to put a stop to this madness!!!

In 2006, delinquency rates for loans supporting subprime securities were hitting record levels.

Pressure by the investment bankers on your analysts. Pressure applied by managers at Moody's to maintain market share.

it is a pretty sad story. A sad chapter in the history of credit rating agencies, folks.

Our markets, if we lose our credibility, not only have the folks on Wall Street lost an incredible business, not only the rating agencies an incredible business, but the United States of America has lost one of the keys to its success.

So it wasn't just a matter of there wasn't adequate time. Now you are protecting the analyst from abuse, is that it?

For a hundred years, Main Street investors trusted U.S. credit rating agencies to guide them toward safe investments.

So that you felt Standard and Poor's should downgrade subprime, significantly.

Did she get the resources that she needed when she needed them?