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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...
...President Barack Obama has signaled that he would favor a cash-for-clunkers-style program, saying in a speech on March 30 that he wanted to work with Congress on finding money for rebates in existing stimulus spending. And similar programs already in place in Germany and other European countries have proved very successful - thanks to continental Europe's cash-for-clunkers plan, analysts say that European car sales are now running at more than 13 million vehicles a year, up from an 11 million pace at the start of the year. "It has been pretty successful...
...editor.Her mother, Susan Estrich, was the first female president of the Harvard Law Review, and is now a political commentator for Fox News. Her father, Martin H. Kaplan ’71, is associate dean of the USC Annenberg School for Communication and a former White House speech writer.“I’m not riding on my parents, though,” Kaplan says, “I’m trying very hard to do this on my own accord and out of my own merit.” Kaplan said she mentioned her idea...