Are SEC’s proposed credit-rating agency rules ‘toothless’? Alison Frankel (Thompson Reuters) May 18, 2011 “In the aftermath of the economic meltdown, the credit rating agencies have evaded liability as successfully as Superman dodges speeding bullets. Just a handful of surviving cases blame the credit rating
FOR IMMEDIATE RELEASE April 26, 2010 CONTACT: John Carey 202-466-1854 John@ourfinancialsecurity.org *** Conference Call Briefing *** WASHINGTON, DC – Americans for Financial Reform (AFR) will host a conference call with reporters and bloggers on Friday, April 29, 2011 at 10:30 AM EST *** to discuss
FOR IMMEDIATE RELEASE April 26, 2010 CONTACT: John Carey 202-466-1854 John@ourfinancialsecurity.org *** Conference Call Briefing *** WASHINGTON, DC – Americans for Financial Reform (AFR) will host a conference call with reporters and bloggers on Friday, April 29, 2011 at 10:30 AM EST *** to discuss
Read the letter here. April 25, 2011 Ms. Elizabeth Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Re: RIN 3235-AL02: “Proposed Amendments to Remove References to Credit Ratings in Rule 2a-7 Under The Investment Company Act of 1940” Dear
Read pdf here. April 25, 2011 Ms. Elizabeth Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Re: RIN 3235-AL02: “Proposed Amendments to Remove References to Credit Ratings in Rule 2a-7 Under The Investment Company Act of 1940” Dear Ms.
View Our PDF Version Here April 12th, 2011 Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F St., NE Washington, DC 20549 Mr. David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, N.W. Washington DC 20581 RE:
Read the pdf of our letter here. March 28th, 2011 Mr. David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Center 1155 21st Street, N.W. Washington DC 20581 Re: RIN 3038–AD15 and 3038–AD16; Position Limits For Derivatives Dear Mr. Stawick: On behalf of Americans
“No other piece of Dodd-Frank “mattered to Goldman quite like the Volcker Rule, which would protect banks’ solvency by limiting their freedom to make speculative trades with their own money. Unless Goldman could initiate what [AFR Policy Director Marcus] Stanley called the ‘complexity two-step’ — win a carve-out so a new rule wouldn’t interfere with legitimate business and then use that carve-out to render a rule toothless — Volcker would slam the door shut on the entire direction in which Blankfein and Cohn had taken Goldman.”
“A crucial element fueling the rage, in my view, was this: Not one high-ranking executive at a major financial firm was held to account for the crisis of 2008… The first inkling of whether Mr. Trump is truly on the side of Main Street may emerge when his administration sets out to change Dodd-Frank… ‘Are you going to return to the situation under Bush and Clinton where Wall Street wrote its own rules in the back room?” [AFR’s Marcus] Stanley asked. ‘Or are you going to put forward something that constitutes a genuine alternative and that will prevent Wall Street from rigging the economy?’”
“We oppose these efforts to roll back post- crisis reforms. It is particularly ironic that they are being advanced in the name of “increasing liquidity”. A central lesson of the crisis is that market liquidity can be excessive, and that such excessive liquidity leads to disastrous market crashes that have far more damaging liquidity effects than those that might be created by prudent limits on excessive leverage and risk-taking in normal markets.”