Word: firms
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...recently published book of economic-policy proposals written by professors at New York University's Stern School of Business. Under their system, a company that wanted to have its debt rated would pay a fee to a government-run centralized clearing platform, which would then pick a ratings firm. Firms, again, would be evaluated on the accuracy of their ratings over time. "It breaks the conflict of interest," says Matthew Richardson, a professor of applied financial economics at Stern...
...rating of a particular level is equivalent to "a regulatory license - a key 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...
...FDIC program to get the banks to sell troubled mortgages. For all the focus on complex securities based on bad loans, the bad loans themselves pose the greatest threat to banks' balance sheets, according to the Treasury department. Bill Gross, chief investment officer of the massive PIMCO bond firm who has been in conference with the government about participating in the plan, estimates the loans pose up to a $1 trillion problem for the banks, and the new program taps FDIC funds to get investors to buy those loans from the banks. Gross told CNBC today that he would participate...
Citi has also been criticized this week for an estimated $10 million renovation of its executive offices, and reports that the firm was considering boosting salaries for its top executives...
...Indian Premier League is bringing in South African security firm Nicholls, Steyn and Associates to manage safety for the entire tournament. Company director Bob Nicholls knows just what he's up against - he was in Mumbai at the time of last November's attacks. The Indian government has also offered to provide paramilitary forces if required, even though the country will be holding general elections over six weeks coinciding with the tournament. IPL president Lalit Modi has been in a running tiff with the government over dates and venues for his tournament, and it is a measure of the importance...