Deficienti!!! <-- è un link
coraggio?
ci vuole coraggio pure a parlare delle scie chimiche?
vediamo se ha il coraggio pure di spiegare cosa e' l evasione relativa ....ah ma quello no eh...
il suo fine e' prendere voti...prova a vederlo da sto punto di vista e poi ragiona quanto interesse abbia a prenderne e a cosa sia disposta a fare-dire pur di ottenerne...
Maestrale " il Brighton è più squadra della Roma in tutti i reparti " " Il Villareal passeggia sul Marsiglia"
Con due elementi del genere al potere è il minimo
prima di seguire come pecore e galline i dettami di Moody's ( ma anche delle altre compagnie di rating) sarebbe opportuno analizzare la ownership delle predette e la sua capacità di condizionare la attribuzione del rating, qui di seguito buona analsi di tre validi studiosi
Simi Kedia is at Rutgers Business School and can be reached at
skedia@rbsmail.rutgers.edu
. Shivaram
Rajgopal is at Emory University and can be reached at
shivaram.rajgopal@emory.edu
. Xing Zhou is at Rutgers
Business School and can be reached at
xing.zhou@rbsmail.rutgers.edu
.
1. Introduction
Moody's was founded in 1900 to publish manuals of performance statistics related to
stocks and bonds. The company was acquired by Dun & Bradstreet in 1962, and remained
one of its divisions till October 4, 2000, when it was spun off and listed on the NYSE. The
public listing of Moody’s opens up the possibility that its large shareholders influence the
rating process
. Indeed, a similar concern was raised in 1984, when Security Pacific Bank
had proposed acquiring Duff and Phelps, the fourth largest credit rating agency at that time.
The Federal Reserve Board discouraged the acquisition, ruling that if the merger were
to take place, Duff and Phelps would be prohibited from issuing public ratings because Security
Pacific Bank would be effectively rating its own borrowers (Edrington and Yawitz, 1987).
Since then, regulators and policy makers have under -
emphasized this problem, possibly under the assumption that if a rating agency were publicly held by diffuse owners, or by a non - financial entity, the potential for such conflicts is small.
However, concerns about the public ownership of credit ratings have resurfaced
again. In 2011, Securities and Exchange Commission (SEC) investigations found that “two
of the larger NRSROs (Nationally Recognized Statistical Rating Organizations) did not have
specific policies and procedures for managing the potential conflict of issuer
s that may be significant shareholders of the NRSRO.”
2 Recent media reports have alleged that Moody's ......
2
http://www.sec.gov/news/studies/2011...ary_report.pdf
.
The SEC refers to the accredited rating agencies such as Moody ’s, S&P and Fitch as Nationally Recognized
Statistical Rating Organizations has been slow to downgrade Wells Fargo, a portfolio company of Berkshire Hathaway, the
largest shareholder of Moody’s.
segue ... https://www0.gsb.columbia.edu/mygsb/...wners%20WP.pdf