Word: speech
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Dates: during 2000-2009
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Thousands have since been downgraded. "We need to consider alternatives to the issuer-pay model," SEC commissioner Elisse Walter said in a speech in March. One idea: level the playing field so that new competitors, like smaller agencies that charge investors instead of issuers, can better compete. Another option: a tax on investors, issuers or even the public at large in order to create a central pool of money with which to buy ratings to be made public. (See the best business deals...
...pays for ratings, though, isn't the entire issue. In a speech in early April, Goldman Sachs CEO Lloyd Blankfein put his finger on another deeply flawed part of the system: "Too many financial institutions and investors simply outsourced their risk management," he said. "Rather than undertake their own analysis, they relied on the rating agencies." In other words, the problem is not just the ratings agencies, but the way investors - from Wall Street firms to university endowments - have become mindlessly dependent on them. That is harder...
Those proposed rules didn't make the final December cut, but certain SEC commissioners want to revisit the issue. In a February speech, commissioner Kathleen Casey said it was imperative to address "the oligopoly in the rating industry" and overreliance on ratings in the SEC's rules. "These requirements - which accord privileged status only to ratings from certain firms - have served to elevate ... ratings to a status that does not reflect the actual purpose, much less the limitations, of credit ratings," she said...
...support free speech, freedom of belief and association, so this came as a big shock to me,” Khurram said...
Frank, a Massachusetts Democrat and Chairman of the House Financial Services Committee, focused on the financial crisis. After listening to his speech, Joel Pollak, a student at the law school, told Frank that the crisis "happened on your watch" and asked if Frank took "any responsibility" for the slide. Frank appeared to lose his cool and grew defensive, saying that Pollak "made an accusation that is wholly inaccurate." Their conversation escalated, with Frank calling Pollak's words a "right-wing attack on liberals", and Pollak retorting that Frank's "entire speech blam[ed] conservatives...