Wednesday, October 22, 2008
Corporate Accountability
Corporate Accountability
Committee Holds Hearing on the Credit Rating Agencies and the Financial Crisis
The Committee held a hearing titled, “Credit Rating Agencies and the Financial Crisis” on Wednesday, October 22, 2008, in 2154 Rayburn House Office Building. The hearing examined the actions of the three largest credit rating agencies, Standard & Poor’s, Moody’s Corporation, and Fitch Ratings, leading up to the current financial crisis. A preliminary hearing transcript is available for download.
The following witnesses testified:
- Jerome Fons, former executive, Moody’s Corporation
- Frank Raiter, former executive, Standard & Poor’s
- Sean Egan, Managing Director, Egan-Jones Ratings
- Deven Sharma, President, Standard & Poor’s
- Raymond W. McDaniel, Chairman and Chief Executive Officer, Moody’s Corporation
- Stephen Joynt, President and Chief Executive Officer, Fitch Ratings
Documents and Links
Opening Statement of Chairman Waxman (81 KB)- Testimony of Jerome Fons (91 KB)
- Testimony of Frank Raiter (161 KB)
- Testimony of Sean Egan (70 KB)
- Confidential Presentation to Moody's Board of Directors, October 2007 (268 KB)
- Revenue of Big Three Credit Rating Agencies: 2002-2007 (14 KB)
- E-mail from Belinda Ghetti to Nicole Billick, et al., December 16, 2006 (298 KB)
- E-mail from Frank Raiter to Richard Gugliada et al., March 20, 2001 (377 KB)
- E-mail from Mary Elizabeth Brennan to Moody's Subprime Working Group, July 11, 2007 (253 KB)
- E-mail from Raymond McDaniel to Mark Almeida, July 13, 2007 (83 KB)
- Instant Message Conversation between Shannon Mooney and Ralul Dilip Shah, April 5, 2007 (105 KB)
- Moody's Town Hall Transcript, September 2007 (4 MB)
- E-mail from Yo-Tsung Chang to Joanne Rose, et al., May 25, 2004 (129 KB)
- Testimony of Stephen Joynt (51 KB)
- Testimony of Raymond McDaniel (119 KB)
- Testimony of Deven Sharma (71 KB)
- E-mail from Brian Clarkson to Raymond McDaniel, et al., March 21, 2007 (735 KB)
- Preliminary Hearing Transcript (18 MB)
