Is the Rating Agency System Broken or Fine?
>>>If you are in Washington on Nov 15th, join me at this free conference at American Enterprise Institute.<<<
prmia.org
The collapse of the secondary market for subprime MBS and other complex derivative securities created a panic among global investors and short-term lenders which finance such assets, resulting in large losses for investment funds and banks around the world. Critics claim that the major rating agencies failed to promptly adjust ratings for these securities and question the workings of the entire credit rating system. Do these claims have merit?
Does the subprime debacle mean that the ratings process for complex structured transactions needs fundamental change? Just a year ago, Congress legislated new procedures to govern how the SEC oversees the rating agencies—-will this legislative approach be effective?
Should ratings agencies be regulated by the SEC, another entity, or not at all? Critics argue that ratings paid for by the issuers of securities creates a conflict of interest — how serious is this problem? How could investor-paid rating agencies become more significant competitors?
This event is cosponsored by AEI and the Professional Risk Managers’ International Association
Presenters
Glenn Reynolds, CEO, CreditSights
J. Kyle Bass Bass, Managing Director, Hayman Capital Partners
Joseph Mason, Associate Professor, Drexel University
Frank Raiter, Retired, S&P
Alex J. Pollock, Resident Fellow, American Enterprise Institute
Christopher Whalen, MODERATOR-Managing Director, Institutional Risk Analytics
Nov 15, 2007
2:00 PM
American Enterprise Institute
Wohlstetter Conference Center, Twelfth Floor
1150 Seventeenth Street, N.W.
Washington, DC 20036 |
