Rating the Raters

Rating the Raters PDF Author: United States. Congress. Senate. Committee on Governmental Affairs
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 232

Book Description


Enron's Credit Rating

Enron's Credit Rating PDF Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 30

Book Description


Enron's Credit Rating

Enron's Credit Rating PDF Author: Joseph I. Lieberman
Publisher:
ISBN: 9780756733360
Category :
Languages : en
Pages : 61

Book Description
The collapse of Enron Corp. on Dec. 2, 2001, devastated thousands of its employees, many of whom lost not only their jobs but also their retirement savings, as well as investors who watched the value of their investment accounts evaporate. Enron's collapse was particularly shocking and problematic in part because of its size -- it was then ranked as the 7th-largest corp. in Amer. -- and in part because of apparent widespread fraud underlying its collapse. This volume contains 2 reports by the U.S. Senate Governmental Affairs Committee: (1) Enron's Credit Rating: Enron's Bankers' Contacts with Moody's and Government Officials; and (2) Fishtail, Bacchus, Sundance, and Slapshot: 4 Enron Transactions Funded and Facilitated by U.S. Financial Institutions.

Financial Oversight of Enron

Financial Oversight of Enron PDF Author: United States. Congress. Senate. Committee on Governmental Affairs
Publisher:
ISBN:
Category : Credit ratings
Languages : en
Pages : 108

Book Description


Rating the Raters

Rating the Raters PDF Author: Joseph I. Lieberman
Publisher:
ISBN: 9780756726072
Category : Bankruptcy
Languages : en
Pages : 0

Book Description
Hearing on the collapse of Enron & its implications. Looks at the private sector credit rating agencies that wield immense power to determine which co's. within the corp. world are creditworthy & which are not; & to ask why the credit raters continued to rate Enron as a good credit risk right up until 4 days before it declared bankruptcy. Witnesses: Ronald Barone, Mng. Dir., Corp. & Gov't. Ratings Group, Standard & Poor's; John Diaz, Mng. Dir., Moody's Investors Service; Ralph Pellecchia, Sr. Dir., Global Power Group, Fitch Ratings; Isaac Hunt, Jr., Commissioner, SEC; Jonathan Macey, J. DuPratt White Prof. of Law, Cornell Law School; Glenn Reynolds, CEO, CreditSights, Inc.; & Steven Schwarcz, Prof. of Law, Duke Univ. School of Law.

Enron's Credit Rating

Enron's Credit Rating PDF Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 32

Book Description


The Role of the Board of Directors in Enron's Collapse

The Role of the Board of Directors in Enron's Collapse PDF Author: United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 68

Book Description


Enron

Enron PDF Author: Loren Fox
Publisher: John Wiley & Sons
ISBN: 0471432202
Category : Business & Economics
Languages : en
Pages : 394

Book Description
"I'd say you were a carnival barker, except that wouldn't be fair tocarnival barkers. A carnie will at least tell you up front that he's running a shell game. You, Mr. Lay, were running what purported to be the seventh largest corporation in America."-Senator Peter Fitzgerald (R-IL) to Enron CEO Kenneth Lay, Senate Commerce Science & Transportation's Subcommittee, Hearing on Enron, 2/12/02 The speed of Enron's rise and fall is truly astonishing and perhaps the single most important story of corporate failure in the twenty-first century. In Enron investigative journalist Loren Fox promises readers nothing short of the most compelling and insightful investigation into Enron's meteoric ascent-regarded by Wall Street and the media as the epitome of innovation-and its spectacular fall from grace. In a lively and authoritative manner, Fox discusses how the biggest corporate bankruptcy in American business history happened, why for so long no one (except for an enlightened few) saw it coming, and what its impact will be on financial markets, the U.S. economy, U.S. energy policy, and the public for years to come. With access to many company insiders, Fox's intriguing account of this corporate debacle also provides an overview of the corporate culture and business model that led to Enron's high-flying success and disastrous failure. The story of Enron is one that will reverberate in global financial and energy markets as well as in criminal and civil courts for years to come. Rife with all the elements of a classic thriller-scandal, dishonest accounting, personal greed, questionable campaign contributions, suicide-Enron captures the essence of a company that went too far too fast.

Financial Oversight of Enron

Financial Oversight of Enron PDF Author: Richard Gid Powers
Publisher:
ISBN: 9780756728038
Category :
Languages : en
Pages : 0

Book Description
Enron Corp. filed for bankruptcy protection on Dec. 2, 2001, making it the largest co. to declare bankruptcy in U.S. history. Enron's collapse deprived thousands of employees of their jobs, severely diminished their retirement savings, and led to the loss of billions of shareholder dollars. The company's failure and the months of revelations that followed triggered a crisis in investor confidence. The Committee initiated a wide-ranging review of the actions of the various governmental and private watchdogs that were supposed to monitor Enron's activities and help protect the public against these sorts of calamities. This report discusses the SEC and other watchdogs; and Wall Street securities analysts and credit rating agencies, and how they assessed Enron and its ratings.

Credit Rating Agencies

Credit Rating Agencies PDF Author: Mohammed Hemraj
Publisher: Springer
ISBN: 3319179276
Category : Law
Languages : en
Pages : 266

Book Description
The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities ‘3-A’ investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the “Reform Act” and “Dodd-Frank Act” in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and regulators’ attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.