Word: congressed
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...ratings agencies themselves - Moody's, Standard & Poor's and Fitch - have nowhere to hide. Their CEOs took a royal lashing from Congress in October, and in April new regulations will go into effect, largely to address what is often painted as the Achilles heel of the ratings system: companies typically pay to have their own debt rated, therefore creating a massive conflict of interest for the ratings agencies, which want to hold onto that business. (See "How to Know When the Economy Is Turning Up".) Favorably rating structured finance products - including Frankenstein creations like synthetic collateralized debt obligations - became...
...ratings firms about what they have done to improve things on their own, and also from people who think the entire issuer-pays model needs to be scrapped. "There have been some very thoughtful proposals out there, and we've invited those people to come and speak," Schapiro told Congress. (See "Business Bucking the Recession...
...modest that he lists the "Legislative Recognition Award" from the American Ambulance Association as an important milestone on his CV. Gregg's contribution to the debate about the federal budget is a statement he made on CNN's State of the Union talk show. He observed that if Congress approves the budget as it has been proposed by the Administration and deficits consequently move up at the rate that the Congressional Budget Office has projected in its analysis of the budget, the nation will become bankrupt and people would stop buying American debt. (See the 25 people to blame...
...legislation is more about scaring AIG employees into giving the bonuses back. Senator Judd Gregg, a New Hampshire Republican, Wednesday warned that the bills to take back the bonuses through a one-time special tax could face years of challenges in courts for violating attainder laws, which bar Congress from targeting individuals or small groups. "Of course" the government must get back the bonuses, but we've got to do it legally," Gregg told reporters...
...return of bonuses given to employees of companies that have received more than $10 billion from the government. The legislation, if passed, would also allow the Attorney General to restrict future payments to 10 times the average non-management wages at companies receiving TARP funds. "Congress has let expediency override common sense," said Representative Lamar Smith, the top Judiciary Committee Republican. "Congress already has learned the hard way the unintended consequences of rushing to legislate without adequate expert testimony and debate, but that's exactly what we are doing...