Chapter 1942: 1942
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In this financial crisis, it can be said that in addition to the bankers on Wall Street, the other one that has been criticized is the credit rating agencies, which have been criticized for failing to strictly review credit derivatives, resulting in the mixed quality of products.
During the period of rapid development of real estate industry, the amount of sub-prime loan transactions of investors reached millions of dollars. Everyone is accusing S & P, its main competitors and other rating agencies of unfair competition due to inherent conflicts of interest. Many securities are taken care of by their analysts when rating, which harms everyone.
The credibility of international rating agencies began to be questioned after the financial crisis, and the financial crisis Investigation Commission said in a report that the downgrade of these securities "helped" wipe out nearly 11 trillion dollars of wealth of American families.
Even so, at this time, standard & Poor's was considered by many people in the United States that it would only spread "lies" if it did not have the ability to carry out constructive dialogue or understand basic economic concepts.
"Bang!"
Under the cloudy sky in New York City, on the lush golf course, Andy, wearing white T-shirt and white slacks, waved his club and made a beautiful arc in the air and fell to the hillside not far away.
"Good ball!"
"Thank you." Andy closed with a big smile on his face and applauded the guest, said Steven Sharma, the new president of standard & Poor's at stake. Andy hands the club to the caddie with the bag on his back, presses down the brim of his baseball cap, steps on the lawn with devinshama, and walks leisurely to the next ball area.
"Whoo --"
"to be honest, I really want to thank you for your invitation. I don't even have time to rest during this period." Although he and Andy Smith are not very familiar with each other, they do not prevent him from using the Jiao wrist to draw closer to each other... We can understand why people question us so much. We understand that, although sometimes it feels a little unfair. We play a limited but important role in the market. We bring important benchmark information about credit. If you look at the past records, we have rated $32 trillion (bonds), of which only $2 trillion is "sub bonds". Although there are no other problems, we are disappointed that there are problems with the "sub debt"
Looking at the vast stadium landscape, tevenshama continued to talk about the previous topic with great emotion. He also defended the S & P that he took over. Although there was no need to explain the argument to Andy Smith at all, he was still a new king who was competing with the old media empire news group and occupying the upper hand in the face of a media empire I hope to get Andy Smith's friendship.
"But it has to be said that the rating reports issued by Moody's, Fitch and S & P have a great influence on the investment decisions of global investors on national bonds and corporate bonds." One side of alvertriel said indifferently, in the heart of the defense of devinshama sniffed, but this time after all, it was to find help, so it did not sound bad, otherwise, his words will become, the three major rating agencies are suspected of making misleading ratings in the housing mortgage industry!
"Ha ha." Andy chuckles and shakes his head. As he walks, he arranges his white mittens on his right hand. "The financial crisis has become the past, and the consequences are very serious. The key now is that, not how you say it, but what we all think, someone or the company must stand up and be responsible for this financial storm, the culprit and the scapegoat."
As he said it, Andy, with a bright smile, looked at devinshama, with a wry smile on his face, and said meaningfully: "besides, according to some information I have received, your S & P is in a very bad situation. Many people want to borrow your S & P's head to use it!"
"How can it be?!"
At this time, Devin Shama's face changed dramatically, and she was shocked and angry. He didn't doubt the authenticity of Andy's words. When he received Andy's telephone invitation, he kept thinking about the other side's purpose. The final conclusion was that the other side was fighting with news corporation. Maybe he needed their help from S & P. at first, he had some problems about how to refuse some excessive assists without offending both sides and getting Andy's friendship. Now In my opinion, don't say politely, in the face of the bait thrown by the other party, you should eat even if you spit blood.
Andy did not pay attention to the shock of devinshama, but reached out to build a canopy for his eyes, looked at the distance, and said lightly: "nothing is impossible...
By the way, with the gradual expansion of the scope of phone hacking, the UK has expanded its judicial investigation into the news corporation's media hacking scandal. At the same time, U.S. lawmakers increased pressure on the FBI to investigate whether News Corp. media had similar misconduct in the United States. What do you think of the dilemma facing News Corporation? Is it facing "increased business and reputation risk"
A sudden thought came to his mind. Andy, who was very curious about the expression of consulting professionals, almost choked his old blood. However, he still had a helpless smile on his face. He had determined the purpose for Andy Smith to invite him. He felt in his heart that the richest man in the young world was cruel, but also had to give in and deal with each other Information useful to their S & P.After thinking for a while, Tiffany Sharma made a decision. He and Andy looked at each other and shook their heads and said with a wry smile: "yes, with the gradual expansion of the coverage of the phone hacking incident, our agency has conducted a credit assessment on news group, which is not optimistic. We have decided to put the BBB + rating of news group on the negative watch list. However, in order to be safe, we will wait for the development of the situation for a while It was not intended to be made public. "
"Is the BBB + rating on the negative watch list? Does business and reputation risk increase to this extent, and the credit rating has not been lowered? " Andy muttered to himself as if he didn't understand.
"Well, in fact, this means that our agency may downgrade News Corporation's credit rating." Tivensama's cruel comments on Andy have been raised to ferocity. He really wants to fight against News Corporation!
"So..." Andy's frown seems to have answered his doubts, and he said with a smile: "look at me. I'm sorry. My mind sometimes jumps too fast and often turns off the topic. By the way, I just heard some news. I don't know if it's useful for you. It seems that peanut is telling many people that S & P is exaggerating the rating of mortgage-backed securities and falsely claiming it There is no conflict of interest in ratings. And one investigation alleges that your rating company, in order to win the Wall Street banking business, gave the highest rating to subprime mortgage-backed bonds, which helped trigger the financial crisis. "
"It's all slander..." At this news, tivensama's heart was also thumping, but there was not much accident. He also received a lot of such rumors, which was not new, so he did not fear the explanation.
just said, alvette is a faint, "many people in Washington think that the decision of the S & P to reduce the ratings of a company or a country has the final say of the decision-making level. For example, in the mortgage rating, analysts' report pointed out that the rating needs to be lowered, but the decision-making level of S & P covered up the facts and still gave a high rating.
If the government finds evidence to support the investigation, S & P's long held belief that analysts' assessments are independent of the business will be questioned. The reputation of S & P analysts alone is bound to be severely damaged and may even lead to civil litigation for compensation. "
"This" Tevenshama's face changed a little, and her brow furrowed into contemplation.
"By the way, Mr. Sharma, has News Corporation really not reached the standard of demotion? I'm really worried. "
Andy's untimely question once again made Devin Shama bite his teeth and make a choice. Looking at Andy with burning eyes, he said: "it's really time to think carefully, be responsible for the financial market and investors. Influenced by the eavesdropping scandal, the senior management team of News Corporation will be weakened, forced to give up strategic business opportunities and may be alienated by customers. It's really time to downgrade! "
"Pa!"
"Look at my brain and forget the most important thing. I heard a friend say that the Justice Department is considering a detailed investigation of standard & Poor's on the basis of illegal rating of 12 mortgage-backed securities."
Tyvenshama's pupil shrank sharply, surprised, but he did not rush to respond, but continued to look at Andy, because this news can not be equivalent to the benefits Andy Smith might get after the news group lowered its credit rating.
"By the way, there's another news that may be useful to your S & P. the white house seems to be drafting a new financial reform bill that requires us to reform the financial sector, including reducing the conflict of interest in the rating industry, rating agencies bearing corresponding legal responsibilities for their ratings, and reducing investors' dependence on rating agencies. Government regulators are also required to examine various financial regulations and repeal the relevant provisions of "credit rating reference" Andy said with a smile.
"Hiss -" devinshama took a breath of cool air in her heart, looked at Andy's eyes more bright and flickering, and said sincerely: "thank you, thank you very much!"
Andy shakes his head and chuckles, showing his big white teeth. His smile becomes more and more brilliant.
The next day, standard & Poor's, one of the three major international rating agencies, warned on the 18th that as the scope of phone hacking gradually expanded, the company would reduce the credit rating of news group BBB +......
Please report us if you find any errors so we can fix it asap!
In this financial crisis, it can be said that in addition to the bankers on Wall Street, the other one that has been criticized is the credit rating agencies, which have been criticized for failing to strictly review credit derivatives, resulting in the mixed quality of products.
During the period of rapid development of real estate industry, the amount of sub-prime loan transactions of investors reached millions of dollars. Everyone is accusing S & P, its main competitors and other rating agencies of unfair competition due to inherent conflicts of interest. Many securities are taken care of by their analysts when rating, which harms everyone.
The credibility of international rating agencies began to be questioned after the financial crisis, and the financial crisis Investigation Commission said in a report that the downgrade of these securities "helped" wipe out nearly 11 trillion dollars of wealth of American families.
Even so, at this time, standard & Poor's was considered by many people in the United States that it would only spread "lies" if it did not have the ability to carry out constructive dialogue or understand basic economic concepts.
"Bang!"
Under the cloudy sky in New York City, on the lush golf course, Andy, wearing white T-shirt and white slacks, waved his club and made a beautiful arc in the air and fell to the hillside not far away.
"Good ball!"
"Thank you." Andy closed with a big smile on his face and applauded the guest, said Steven Sharma, the new president of standard & Poor's at stake. Andy hands the club to the caddie with the bag on his back, presses down the brim of his baseball cap, steps on the lawn with devinshama, and walks leisurely to the next ball area.
"Whoo --"
"to be honest, I really want to thank you for your invitation. I don't even have time to rest during this period." Although he and Andy Smith are not very familiar with each other, they do not prevent him from using the Jiao wrist to draw closer to each other... We can understand why people question us so much. We understand that, although sometimes it feels a little unfair. We play a limited but important role in the market. We bring important benchmark information about credit. If you look at the past records, we have rated $32 trillion (bonds), of which only $2 trillion is "sub bonds". Although there are no other problems, we are disappointed that there are problems with the "sub debt"
Looking at the vast stadium landscape, tevenshama continued to talk about the previous topic with great emotion. He also defended the S & P that he took over. Although there was no need to explain the argument to Andy Smith at all, he was still a new king who was competing with the old media empire news group and occupying the upper hand in the face of a media empire I hope to get Andy Smith's friendship.
"But it has to be said that the rating reports issued by Moody's, Fitch and S & P have a great influence on the investment decisions of global investors on national bonds and corporate bonds." One side of alvertriel said indifferently, in the heart of the defense of devinshama sniffed, but this time after all, it was to find help, so it did not sound bad, otherwise, his words will become, the three major rating agencies are suspected of making misleading ratings in the housing mortgage industry!
"Ha ha." Andy chuckles and shakes his head. As he walks, he arranges his white mittens on his right hand. "The financial crisis has become the past, and the consequences are very serious. The key now is that, not how you say it, but what we all think, someone or the company must stand up and be responsible for this financial storm, the culprit and the scapegoat."
As he said it, Andy, with a bright smile, looked at devinshama, with a wry smile on his face, and said meaningfully: "besides, according to some information I have received, your S & P is in a very bad situation. Many people want to borrow your S & P's head to use it!"
"How can it be?!"
At this time, Devin Shama's face changed dramatically, and she was shocked and angry. He didn't doubt the authenticity of Andy's words. When he received Andy's telephone invitation, he kept thinking about the other side's purpose. The final conclusion was that the other side was fighting with news corporation. Maybe he needed their help from S & P. at first, he had some problems about how to refuse some excessive assists without offending both sides and getting Andy's friendship. Now In my opinion, don't say politely, in the face of the bait thrown by the other party, you should eat even if you spit blood.
Andy did not pay attention to the shock of devinshama, but reached out to build a canopy for his eyes, looked at the distance, and said lightly: "nothing is impossible...
By the way, with the gradual expansion of the scope of phone hacking, the UK has expanded its judicial investigation into the news corporation's media hacking scandal. At the same time, U.S. lawmakers increased pressure on the FBI to investigate whether News Corp. media had similar misconduct in the United States. What do you think of the dilemma facing News Corporation? Is it facing "increased business and reputation risk"
A sudden thought came to his mind. Andy, who was very curious about the expression of consulting professionals, almost choked his old blood. However, he still had a helpless smile on his face. He had determined the purpose for Andy Smith to invite him. He felt in his heart that the richest man in the young world was cruel, but also had to give in and deal with each other Information useful to their S & P.After thinking for a while, Tiffany Sharma made a decision. He and Andy looked at each other and shook their heads and said with a wry smile: "yes, with the gradual expansion of the coverage of the phone hacking incident, our agency has conducted a credit assessment on news group, which is not optimistic. We have decided to put the BBB + rating of news group on the negative watch list. However, in order to be safe, we will wait for the development of the situation for a while It was not intended to be made public. "
"Is the BBB + rating on the negative watch list? Does business and reputation risk increase to this extent, and the credit rating has not been lowered? " Andy muttered to himself as if he didn't understand.
"Well, in fact, this means that our agency may downgrade News Corporation's credit rating." Tivensama's cruel comments on Andy have been raised to ferocity. He really wants to fight against News Corporation!
"So..." Andy's frown seems to have answered his doubts, and he said with a smile: "look at me. I'm sorry. My mind sometimes jumps too fast and often turns off the topic. By the way, I just heard some news. I don't know if it's useful for you. It seems that peanut is telling many people that S & P is exaggerating the rating of mortgage-backed securities and falsely claiming it There is no conflict of interest in ratings. And one investigation alleges that your rating company, in order to win the Wall Street banking business, gave the highest rating to subprime mortgage-backed bonds, which helped trigger the financial crisis. "
"It's all slander..." At this news, tivensama's heart was also thumping, but there was not much accident. He also received a lot of such rumors, which was not new, so he did not fear the explanation.
just said, alvette is a faint, "many people in Washington think that the decision of the S & P to reduce the ratings of a company or a country has the final say of the decision-making level. For example, in the mortgage rating, analysts' report pointed out that the rating needs to be lowered, but the decision-making level of S & P covered up the facts and still gave a high rating.
If the government finds evidence to support the investigation, S & P's long held belief that analysts' assessments are independent of the business will be questioned. The reputation of S & P analysts alone is bound to be severely damaged and may even lead to civil litigation for compensation. "
"This" Tevenshama's face changed a little, and her brow furrowed into contemplation.
"By the way, Mr. Sharma, has News Corporation really not reached the standard of demotion? I'm really worried. "
Andy's untimely question once again made Devin Shama bite his teeth and make a choice. Looking at Andy with burning eyes, he said: "it's really time to think carefully, be responsible for the financial market and investors. Influenced by the eavesdropping scandal, the senior management team of News Corporation will be weakened, forced to give up strategic business opportunities and may be alienated by customers. It's really time to downgrade! "
"Pa!"
"Look at my brain and forget the most important thing. I heard a friend say that the Justice Department is considering a detailed investigation of standard & Poor's on the basis of illegal rating of 12 mortgage-backed securities."
Tyvenshama's pupil shrank sharply, surprised, but he did not rush to respond, but continued to look at Andy, because this news can not be equivalent to the benefits Andy Smith might get after the news group lowered its credit rating.
"By the way, there's another news that may be useful to your S & P. the white house seems to be drafting a new financial reform bill that requires us to reform the financial sector, including reducing the conflict of interest in the rating industry, rating agencies bearing corresponding legal responsibilities for their ratings, and reducing investors' dependence on rating agencies. Government regulators are also required to examine various financial regulations and repeal the relevant provisions of "credit rating reference" Andy said with a smile.
"Hiss -" devinshama took a breath of cool air in her heart, looked at Andy's eyes more bright and flickering, and said sincerely: "thank you, thank you very much!"
Andy shakes his head and chuckles, showing his big white teeth. His smile becomes more and more brilliant.
The next day, standard & Poor's, one of the three major international rating agencies, warned on the 18th that as the scope of phone hacking gradually expanded, the company would reduce the credit rating of news group BBB +......
In this financial crisis, it can be said that in addition to the bankers on Wall Street, the other one that has been criticized is the credit rating agencies, which have been criticized for failing to strictly review credit derivatives, resulting in the mixed quality of products. During the period of rapid development of real estate industry, the amount of sub-prime loan transactions of investors reached millions of dollars. Everyone is accusing S & P, its main competitors and other rating agencies of unfair competition due to inherent conflicts of interest. Many securities are taken care of by their analysts when rating, which harms everyone. The credibility of international rating agencies began to be questioned after the financial crisis, and the financial crisis Investigation Commission said in a report that the downgrade of these securities "helped" wipe out nearly 11 trillion dollars of wealth of American families. Even so, at this time, standard & Poor's was considered by many people in the United States that it would only spread "lies" if it did not have the ability to carry out constructive dialogue or understand basic economic concepts. "Bang!" Under the cloudy sky in New York City, on the lush golf course, Andy, wearing white T-shirt and white slacks, waved his club and made a beautiful arc in the air and fell to the hillside not far away. "Good ball!" "Thank you." Andy closed with a big smile on his face and applauded the guest, said Steven Sharma, the new president of standard & Poor's at stake. Andy hands the club to the caddie with the bag on his back, presses down the brim of his baseball cap, steps on the lawn with devinshama, and walks leisurely to the next ball area. "Whoo --" "to be honest, I really want to thank you for your invitation. I don't even have time to rest during this period." Although he and Andy Smith are not very familiar with each other, they do not prevent him from using the Jiao wrist to draw closer to each other... We can understand why people question us so much. We understand that, although sometimes it feels a little unfair. We play a limited but important role in the market. We bring important benchmark information about credit. If you look at the past records, we have rated $32 trillion bonds, of which only $2 trillion is "sub bonds". Although there are no other problems, we are disappointed that there are problems with the "sub debt" Looking at the vast stadium landscape, tevenshama continued to talk about the previous topic with great emotion. He also defended the S & P that he took over. Although there was no need to explain the argument to Andy Smith at all, he was still a new king who was competing with the old media empire news group and occupying the upper hand in the face of a media empire I hope to get Andy Smith's friendship. "But it has to be said that the rating reports issued by Moody's, Fitch and S & P have a great influence on the investment decisions of global investors on national bonds and corporate bonds." One side of alvertriel said indifferently, in the heart of the defense of devinshama sniffed, but this time after all, it was to find help, so it did not sound bad, otherwise, his words will become, the three major rating agencies are suspected of making misleading ratings in the housing mortgage industry! "Ha ha." Andy chuckles and shakes his head. As he walks, he arranges his white mittens on his right hand. "The financial crisis has become the past, and the consequences are very serious. The key now is that, not how you say it, but what we all think, someone or the company must stand up and be responsible for this financial storm, the culprit and the scapegoat." As he said it, Andy, with a bright smile, looked at devinshama, with a wry smile on his face, and said meaningfully: "besides, according to some information I have received, your S & P is in a very bad situation. Many people want to borrow your S & P's head to use it!" "How can it be?!" At this time, Devin Shama's face changed dramatically, and she was shocked and angry. He didn't doubt the authenticity of Andy's words. When he received Andy's telephone invitation, he kept thinking about the other side's purpose. The final conclusion was that the other side was fighting with news corporation. Maybe he needed their help from S & P. at first, he had some problems about how to refuse some excessive assists without offending both sides and getting Andy's friendship. Now In my opinion, don't say politely, in the face of the bait thrown by the other party, you should eat even if you spit blood. Andy did not pay attention to the shock of devinshama, but reached out to build a canopy for his eyes, looked at the distance, and said lightly: "nothing is impossible... By the way, with the gradual expansion of the scope of phone hacking, the UK has expanded its judicial investigation into the news corporation's media hacking scandal. At the same time, U.S. lawmakers increased pressure on the FBI to investigate whether News Corp. media had similar misconduct in the United States. What do you think of the dilemma facing News Corporation? Is it facing "increased business and reputation risk" A sudden thought came to his mind. Andy, who was very curious about the expression of consulting professionals, almost choked his old blood. However, he still had a helpless smile on his face. He had determined the purpose for Andy Smith to invite him. He felt in his heart that the richest man in the young world was cruel, but also had to give in and deal with each other Information useful to their S & P.After thinking for a while, Tiffany Sharma made a decision. He and Andy looked at each other and shook their heads and said with a wry smile: "yes, with the gradual expansion of the coverage of the phone hacking incident, our agency has conducted a credit assessment on news group, which is not optimistic. We have decided to put the BBB + rating of news group on the negative watch list. However, in order to be safe, we will wait for the development of the situation for a while It was not intended to be made public. " "Is the BBB + rating on the negative watch list? Does business and reputation risk increase to this extent, and the credit rating has not been lowered? " Andy muttered to himself as if he didn't understand. "Well, in fact, this means that our agency may downgrade News Corporation's credit rating." Tivensama's cruel comments on Andy have been raised to ferocity. He really wants to fight against News Corporation! "So..." Andy's frown seems to have answered his doubts, and he said with a smile: "look at me. I'm sorry. My mind sometimes jumps too fast and often turns off the topic. By the way, I just heard some news. I don't know if it's useful for you. It seems that peanut is telling many people that S & P is exaggerating the rating of mortgage-backed securities and falsely claiming it There is no conflict of interest in ratings. And one investigation alleges that your rating company, in order to win the Wall Street banking business, gave the highest rating to subprime mortgage-backed bonds, which helped trigger the financial crisis. " "It's all slander..." At this news, tivensama's heart was also thumping, but there was not much accident. He also received a lot of such rumors, which was not new, so he did not fear the explanation. just said, alvette is a faint, "many people in Washington think that the decision of the S & P to reduce the ratings of a company or a country has the final say of the decision-making level. For example, in the mortgage rating, analysts' report pointed out that the rating needs to be lowered, but the decision-making level of S & P covered up the facts and still gave a high rating. If the government finds evidence to support the investigation, S & P's long held belief that analysts' assessments are independent of the business will be questioned. The reputation of S & P analysts alone is bound to be severely damaged and may even lead to civil litigation for compensation. " "This" Tevenshama's face changed a little, and her brow furrowed into contemplation. "By the way, Mr. Sharma, has News Corporation really not reached the standard of demotion? I'm really worried. " Andy's untimely question once again made Devin Shama bite his teeth and make a choice. Looking at Andy with burning eyes, he said: "it's really time to think carefully, be responsible for the financial market and investors. Influenced by the eavesdropping scandal, the senior management team of News Corporation will be weakened, forced to give up strategic business opportunities and may be alienated by customers. It's really time to downgrade! " "Pa!" "Look at my brain and forget the most important thing. I heard a friend say that the Justice Department is considering a detailed investigation of standard & Poor's on the basis of illegal rating of 12 mortgage-backed securities." Tyvenshama's pupil shrank sharply, surprised, but he did not rush to respond, but continued to look at Andy, because this news can not be equivalent to the benefits Andy Smith might get after the news group lowered its credit rating. "By the way, there's another news that may be useful to your S & P. the white house seems to be drafting a new financial reform bill that requires us to reform the financial sector, including reducing the conflict of interest in the rating industry, rating agencies bearing corresponding legal responsibilities for their ratings, and reducing investors' dependence on rating agencies. Government regulators are also required to examine various financial regulations and repeal the relevant provisions of "credit rating reference" Andy said with a smile. "Hiss -" devinshama took a breath of cool air in her heart, looked at Andy's eyes more bright and flickering, and said sincerely: "thank you, thank you very much!" Andy shakes his head and chuckles, showing his big white teeth. His smile becomes more and more brilliant. The next day, standard & Poor's, one of the three major international rating agencies, warned on the 18th that as the scope of phone hacking gradually expanded, the company would reduce the credit rating of news group BBB +......
