Word: bankes
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Dates: during 2000-2009
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...focusing the discussion on who pays for ratings, a much larger issue is missed entirely. Since the 1930s, regulators themselves have relied on the judgment of private ratings agencies - thus giving the companies exalted status and immunizing them from competition that might otherwise keep them honest. It started with bank regulators in 1936, and over the years different parts of the government, overseeing everything from insurance companies to money market mutual funds, have turned to the ratings agencies for guidance. (Vote for the 2009 TIME 100 Finalists...
...that unlocks the markets," says Frank Partnoy, a law professor at the University of San Diego. In 1975, the SEC, in an effort to better define who was a legitimate rater of bonds, designated certain firms "nationally recognized statistical rating organizations" (NRSROs). Today, if you are a bank or a pension fund or an insurance company you have a firm grasp of the safety of your bond holdings - they're as safe as an NRSRO has told you they...
...doubt the coin is in good shape. A series of interest rate cuts in recent months "are starting to work in a way they aren't in other economies," says Dale Thomas, head of currency management at London's Insight Investment Management. That makes it unlikely Norway's central bank will need to revert to quantitative easing, the modern-day equivalent of printing money that's currently in fashion from the U.S. to the U.K. (See pictures of the printing of money...
...bonus scandal could make that repair job even harder than it already is. Growing doubts about the Administration's revitalization plan have now mushroomed into a full-blown credibility crisis. After all, how can Obama ask for upwards of another $750 billion for another bank bailout (as he has in his 2010 budget) and $100 billion to help the world economies, when it appears the Administration has had little control over how the banks have been spending the money thus...
...remedies Congress is in a fever pitch to approve may well end up hurting the rescue efforts. The bonus bills, which would apply to virtually every major bank - including Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley and JP Morgan Chase, as well as AIG, Fannie Mae and Freddie Mac - will probably cause many of them to simply give back the TARP money sooner than they probably should, to avoid losing 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...