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5/14/10--Rating Agencies, PIMCO Outlook, Bernanke on Derivatives |
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*Thanks to MM for pointing out the latest of what is becoming an avalanche of amendments to the proposed Financial Regulation bill. As reported by Bloomberg yesterday: May 13 (Bloomberg) -- The U.S. Senate approved a proposal to let regulators decide who rates asset-backed securities after investors said Standard & Poor’s and Moody’s Investors Service assigned inflated assessments to mortgage bonds because the companies were paid by Wall Street firms selling the debt. |
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5/12/10--MBIA |
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Thank you to John Kohler for the thoughtful insight on MBIA. We are going to let this stand on its own today. Have a great day. MBIA Q1 2010 GAAP Earnings Reported Cutting to the chase, MBIA's future revolves around whether they will be successful in putting defaulted loans back to seller/servicers for breaches of representations and warranties, the timing of those receiving those recoveries and their liquidity to cover claims/burn in the meantime. |
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5/7/08--Perspective on a Wild Day |
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*I typically take Friday off because I tend to have late hockey games (and even later beers) on Thursday nights, however after the market activity of Thursday I feel i would be remiss if I didn't at least throw a few thoughts out there. First off, everyone will talk about the absolute numbers, down 1000 points, but only closed down 350 points in the stock market. But it isn't just about the numbers. That is like looking at the box score and saying you saw the game. You need to look more closely to try to figure out exactly why this happened, and more importantly why it could or could not happen again. |
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5/11/10--Moody's Wells Notice, More Amendments to Financial Reg Bill, Asia and Europe Color |
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*From our own Matt Tomiak, if you missed it yesterday, "The SEC sends a Wells notice when it decides it may bring a civil action against a company or individual, giving the recipient an opportunity to say why enforcement shouldn't take place. It isn't a formal allegation or finding of wrongdoing... Moody's has disclosed in its 10-Q report for its fiscal quarter ended March 31, 2010 (filed on May 7, 2010) that on March 18, 2010 Moody's received a "Wells Notice" from the SEC Staff stating that the Staff is considering recommending that the SEC institute administrative and cease-and-desist proceedings against Moody's in connection with Moody's initial June 2007 application on SEC Form NRSRO to register as a nationally recognized statistical rating organization (NRSRO) under the Credit Rating Agency Reform Act of 2006. |
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5/6/10--Europe and Asia, Inflation, Freddie Losses |
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*Focus remains squarely on Europe and Trichet speaking this morning. |
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