JPMorgan Signs $546 Million Settlement with MF Global Trustee
JPMorgan Chase has agreed to a deal that will return $546 million to former customers of MF Global Holdings, which collapsed in 2011.
credit rating agencies
Feds: 18 Charged in $200 Million Global Credit Card Fraud
Eighteen people have been charged in what may be one of the nation's largest credit card fraud rings, a sprawling international scam that duped credit rating agencies and used thousands of fake identities to steal at least $200 million.
S&P's New System May Lead to Mass Downgrades for Banks
Standard & Poor's is revamping its credit rating methodology for banks and financial institutions in a way that may cause about 40% of rated banks to get a downgrade, The Wall Street Journal reported Tuesday.
More Car Loans Go to Borrowers With Bad Credit
If you've been rejected for a car loan due to poor credit, you might want to apply again. The automotive credit industry increased the share of new car loans going to credit-challenged borrowers by 12.7% in the third quarter, a sign that lenders are loosening their credit criteria.
Meredith Whitney Aims to Start New Credit Rating Agency
Meredith Whitney, an analyst who rose to fame as one of the few people who predicted the financial crisis ahead of time, now plans to from a new credit agency, the Financial Times reports.
Moodys: U.K. Credit Rating Is Safe
The U.K.'s triple-A credit rating is safe, thanks to the government's austerity measures and a flexible economy, rating agency Moody%u2019s said.
Would Rating Downgrades Clip Bank Profits?
Moody's is reviewing 10 large regional banks for possible downgrades because it thinks financial reform means total government support is now less likely. That's setting off a debate about whether those banks will actually take a hit to profitability.
Legal Briefing: Ratings Agencies Try to Avoid Lawsuits
Now that credit rating agencies can be sued for issuing inflated ratings, they're refusing to allow their ratings to be used to sell bonds. Unfortunately, since some types of bonds are required to have such ratings, those parts of the bond market are shutting down.
Why Credit Ratings Have Outlived Their Usefulness
While defending the rating agencies last week before the Financial Crisis Inquiry Commission, Warren Buffett also admitted, "I don't need them." It seems that more and more, the financial markets are coming to agree with Buffett's stance on ratings.
Who's at Fault for the Financial Crisis? Everyone
Before the Financial Crisis Inquiry Commission, The World's Greatest Investor essentially said this: We are all of us, myself included, a bunch of junkies -- and history shows that markets will always oblige us with a fix.
Big Ratings Agencies May Face New Competition
Lawmakers' decision to restrict financial institutions' ability to select a credit-rating agency to evaluate their bonds may open the market -- and S&P, Moody's and Fitch -- to competition.
Behind the $4 Trillion in CDOs: Sneaky Banks and Worthless Ratings
CDOs were a way for investment banks to evade their capital requirements, just as asset-backed securities played a similar role for savings and loan institutions in the 1980s. This time around the banks had plenty of help, especially from fee-hungry credit agencies.
Geithner: U.S. Will 'Never Lose' Good Credit Rating
U.S. Treasury Secretary Timothy Geithner says the U.S. government "will never" lose its sterling credit rating despite big budget deficits and a newly increased debt limit that now tops $14 trillion.
Ratings Agences: Flush but Still Tarnished
Bond sales surged 41% to $1.2 trillion last year as companies rushed to take advantage of thawing credit markets. That means demand for ratings has also boomed, and both Moody's and S&P delivered solid results recently. But that doesn't mean all the damage to their names has been undone.