American Fortune Life

In this financial crisis, it can be said that, in addition to Wall Street bankers, another accused is credit rating agencies, who have been criticized for failing to scrutinize credit derivatives, resulting in uneven products.

During the rapid development of the real estate industry, investors' sub-loan transactions amounted to millions of dollars. Everyone is blaming that Standard & Poor's and its main competitors and other rating agencies have engaged in unfair competition due to inherent conflicts of interest, and many securities have been taken care of by their analysts when rating them. Just competition hurts 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" wiped out nearly $ 11 trillion in wealth for American households.

So much so that Standard & Poor's at this time in the United States is considered by many people to have no ability to engage in constructive dialogues, understand basic economic concepts, and only spread "lies."

"boom!"

Under the overcast New York sky, on the lush golf course, Andy, wearing a white shirt and white slacks, waved the club, and the golf ball hit a beautiful arc in the air and landed on the hillside not far away. on.

"nice shot!"

"Thank you." Andy closed the shot, with a bright smile on his face, and said to the guests who were clapping and applauding, Standard & Poor's new president Timothy Sharma. Andy handed the cue to the caddy carrying the caddy bag, pressed down the brim of the baseball cap, and Twen Shama stepped on the lawn and walked leisurely to the next ball area.

"call"

"To be honest, I really want to thank you for your invitation. I didn't even have a break during this time." Although Steven Sama was not very familiar with Andy Smith, it did not prevent him from drawing closer with his wrist. Relationship with each other,

"... We can understand why people question us so much. We understand that sometimes it feels a bit unfair. We play a limited but important role in the market. We bring important benchmark information about credit. If you look at the past We recorded a rating of 32 trillion US dollars (bonds), of which the "subprime debt" is only 2 trillion US dollars. Although there is no problem with others, there are problems with the "subordinated debt", and we are also very disappointed. "

Twenty-sama looked far away and looked at the vast stadium scenery. He continued to talk about the previous topic with great emotion and also defended Standard & Poor's who he took over. Although he didn't need to explain the defense to Andy Smith, he faced A man who owns a media empire or is a new king who is tearing down the old media empire News Corps and gaining the upper hand, he hopes to get the friendship of Andy Smith.

"But I have to say that whether it is Moody's, Fitch or Standard & Poor's, the rating reports issued by them have a huge influence and directly affect global investors' investment decisions on national bonds and corporate bonds." He said that he despised Tivin Shama's defense, but this time he came to the other party for help after all, so he didn't say anything unpleasant, otherwise his words would become, the three major rating agencies are suspected of mortgage Misleading ratings for loan business!

"Hehe." Andy shook his head with a smirk, walking while arranging the white half-finger gloves on his right hand. "The financial crisis has passed and the consequences are very serious. The key now is not what you say, but everyone That's what I think. Someone or the company has to stand up and be responsible for this financial turmoil, the culprit, and the scapegoat. "

Speaking, Andy, with a bright smile, looked at Twen Shama with a grin on his face and said meaningfully: "Moreover, according to some information I have received, your S & P situation is worrying, and many people want to borrow you Use S & P's items for everyone! "

"how can that be?!"

At this time, Twen Shama's face changed drastically, exasperated. He did not doubt the authenticity of Andy's words. When receiving an invitation from Andy, he had been thinking about the other party's purpose of finding himself. The final conclusion was that the other party was at war with News Corps, and maybe they needed the help of S & P. Originally, there was some entanglement about how to not only offend the two parties, but also get Andy's friendship, and declined some excessive assists. Now it seems that let alone the rejection, in the face of the fishing bait thrown by the other party, you have to eat blood Go on.

Instead of paying attention to the shock of Twen Shama, Andy reached out and set up a pergola on his eyes, looking at the distance, and said lightly: "Nothing is impossible ...

By the way, as the scope of eavesdropping phone incidents has gradually expanded, the UK has expanded its judicial investigation into News Corps media eavesdropping scandals. At the same time, U.S. lawmakers have increased their pressure to ask the FBI to investigate whether News Corp.'s media have similar misconduct in the United States. What do you think of the plight that News Corps faces? Is it facing "increased business and reputational risks"? "

Showing a sudden reminder of something, Andy, who was very curious about the expression of consulting professionals, made Steven Shama almost sullen with old blood, but he still had a helpless smile on his face, and he had identified Andy Smith invited him for the purpose, while feeling the ruthlessness of the youngest richest man in the world, he also had to give in and trade the information that the S & P had in the hands of the other party.

Twenty-sama quickly thought for a moment, then made a decision, shook his head and smiled bitterly at Andy: "Yes, as the scope of the eavesdropping call incident gradually expanded, our agency conducted a credit evaluation of News Corporation. It is not optimistic that we have decided to include News Corp.'s bbb + rating on the negative watch list. However, for the sake of security, we wait for the development of the situation and have no plans to disclose it to the outside world for the time being. "

"Is the bbb + rating on the negative watch list? Business and reputational risks have increased to this extent, and hasn't the credit rating been downgraded?" Andy mumbled to himself without understanding it.

"Oh, in fact, this already means that our organization may have downgraded News Corporation's credit rating." Twenty-sama's ruthless comment on Andy has been raised to a brutal level, and it really is going to kill News Corporation!

"That's ..." Andy's frowns stretched slightly, seemingly to answer doubts, and smiled and said to Steven Shama: "Look at me, I'm sorry, my thinking sometimes jumps too often, and I often break the topic By the way, I just heard that I heard some news, I do n’t know if it ’s useful to you. It seems that peanuts are pushing the accusations against many people that S & P has exaggerated mortgage-backed securities ratings and lied that their ratings have no conflict of interest. And there is one The investigation alleges that your rating company has given the highest rating on subprime mortgage-backed bonds to win Wall Street banking, which has helped trigger the financial crisis. "

"It's completely stigmatizing ..." At the news, Tiven Shama's heart was a little bit surprised, but there was no surprise. He also received a lot of this kind of wind, not new, so he was not frightened. Justified.

It's just that, just a few words, Alvitre on the side said quietly: "Many people in Washington think that the decision of S & P to lower the rating of a company or a country is entirely up to the decision-makers. For example, When assessing mortgage loan ratings, analysts' reports pointed to the need to downgrade, but the S & P decision-makers masked the facts and still gave high ratings.

If the government finds evidence to support the investigation, then S & P's long-held claim that analysts' assessments are independent of the business will be questioned. The reputation of S & P analysts will inevitably be severely damaged, and may even lead to civil lawsuits for compensation. "

"This ..." Twen Shama's complexion changed slightly, her brows frowning in deep thought.

"By the way, Mr. Shama, has News Corps not yet reached the demotion standard? I am really worried ..."

Andy's again out-of-time issue, Tevin Shama gritted his teeth, and stared at Andy with a grim look, saying: "It is really time to think carefully, be responsible for financial markets and investors, affected by the eavesdropping scandal, News Corp. senior The management team will be weakened, forced to abandon strategic business opportunities and may be alienated by customers. Indeed it is time to downgrade the credit rating! "

"Snapped!"

Andy slaps his hands and slaps his hands with a look of annoyance. "Look at my head and forget the most important thing. I heard a friend say that the Ministry of Justice is considering illegal 12 mortgage securities. Ratings justify a detailed investigation of Standard & Poor's. "

Twenty-sama's pupils shrank suddenly, startled, but instead of rushing to respond, they continued to look at Andy because the news could not be exchanged for the equivalent of downgrading the credit rating to News Corporation. Benefits Andy Smith could gain.

"By the way, there is another news that may be useful to your S & P. ​​The White House seems to be drafting a new Financial Reform Bill asking the SEC to reform the financial sector, including reducing conflicts of interest in the rating industry. Ratings bear the corresponding legal responsibilities, reduce the degree of investor reliance on rating agencies, etc. It also requires government regulators to check various financial regulatory regulations and abolish the "credit rating reference" related provisions. "Andy said with a smile.

"His" Diven Shama could not help taking a breath in his heart, watching Andy's eyes brighter and flashing, and said sincerely: "Thank you, thank you very much!"

Andy shook his head and chuckled, showing a big white tooth, his smile became brighter and brighter.

The next day, Standard & Poor's, one of the three major international rating agencies, warned on the 18th that as the scope of the eavesdropping call incident gradually expanded, the company made a reduction of the credit rating of News Corporation bbb + ...