Word: dinallo
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...fresh idea comes from Eric Dinallo, the New York state insurance superintendent, who in a March 3 Wall Street Journal op-ed suggested that insurance commissioners mediate the ratings process, since insurers are among the largest buyers of rated bonds. Regulators would collect a fee from insurance outfits and then use the money to buy ratings for everyone to use. If the ratings proved too rosy over time - or inaccurate in another way - regulators would switch to a different ratings company...
...possibility of failure was openly discussed for months and to a certain extent planned for - federal officials and market participants don't seem to have really focused on AIG's problems until this week. While the company's insurance subsidiaries are regulated by New York insurance superintendent Eric Dinallo, it is overseen at the holding company level by the federal Office of Thrift Supervision, which mostly regulates the savings and loan industry. Plus, it was awfully hard for outsiders - and even insiders - to understand the gravity of the company's problems. "You can read through every financial statement...
...oversight, Wall Street firms are beefing up their legal departments with one former government regulator after another. "Many of our clients are looking for people with strong regulatory sensibilities," says Susan Kurz Snyder of Greene-Levin-Snyder Legal Search Group, an executive-recruitment firm. In the past year, Eric Dinallo from New York attorney general Eliot Spitzer's office and the SEC's Patrick Patalino have switched over to Morgan Stanley and Credit Suisse First Boston, respectively. The latest defector: Beth L. Golden, Spitzer's former deputy of special projects, who becomes the global head of compliance at the Bear...
...Merrill Lynch in 2001, he wasn't sure what he was doing. A general suspicion about the veracity of investment bankers' advisories had prompted Spitzer to launch a bit of a fishing expedition into Merrill's records. It wasn't turning up much, however, until early 2002, when Eric Dinallo, Spitzer's top aide on the project, came into his office and showed him a blue binder full of e-mail he had compiled that suggested Merrill's analysts had downgraded an Internet company, GoTo.com because it hadn't given Merrill its investment-banking business. Spitzer scanned the pages...
...experience for Spitzer, who had never tried to build a case from an unsorted, unedited stack of e-mail. For more than a month, Dinallo, who runs the investor-protection arm of the office, and a few associates hunkered down, reading the messages at work, over lunch, in bed at home. An empty office became the war room, a place where the staff could read and catalog what turned out to be 94,439 pages of e-mail. "I read a large portion of them," says Dinallo, a bright, energetic lawyer whose off-hour passions are chess and vintage comics...