Word: accountants
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Dates: during 2000-2009
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There was a certain bracing beauty about the original seven deadly sins--pride, gluttony, melancholy (which was dropped in the 17th century in favor of sloth), lust, greed, envy and anger--which among them could account for virtually all the crimes, follies and misfortunes of mankind. Anger gives rise to violence; gluttony to waste; pride to every manner of tragedy and hurt. They were judged sufficient for the past 15 centuries, ever since they were cataloged by Pope Gregory the Great, with an assist from Thomas Aquinas and Dante...
...People at Moody's and Standard & Poor's are used to catching flak when debt markets blow up. Why didn't they see the bankruptcy of California's Orange County coming in 1994? Why did they fail to account for the currency risks brewing in Thailand and Indonesia and South Korea in 1997? And how was it that they were still rating Enron's debt as investment grade four days before the company went belly...
...federal code of its reliance on bond ratings. Among the simplest fixes would be removing the ban on pension funds' holding debt securities rated lower than BBB. The funds can make far riskier investments in stocks and hedge funds, after all. Bank-capital requirements do have to take into account the quality of securities, but there are market-based measures that could at least partly replace ratings...
Having been kept out of the loop so far, the student was first asked to send a statement offering his account of the incident to the Ad Board. He was also permitted to appear before the Board to make a two-minute verbal defense, a privilege that is allowed upon request but not generally encouraged. The student decided to take his chances and traveled to Harvard in order to argue his case, but with no access to his dean or other administrators until shortly before his hearing, even these attempts at mounting a defense hit a wall amidst a cryptic...
...accept any pertinent evidence that students offer in their defense, the witness says it was difficult to introduce phone records that contradicted the timeframe put forth in the charge. In the end, the Board decided to review the phone records, but the disciplinary report they issued nevertheless presented an account of events indicating wrongdoing on the part of the respondent...