"Independent tripartite " impeach SEC new rule repairs grade 3 tycoons

Hong Kong of Jing of Qin Wei model, Beijing reports

The United States " new York Times " columnist Friedman ever said, "We live between two superpower, one is the United States, one is Moody, the United States can smash a state with bomb, moody can destroy a state with grade. Occasionally, both force cannot say who is bigger. Both force cannot say who is bigger..

Nevertheless, moody and other " two tycoons " -- benefit praise (Fitch) and mark general (Standard Poor ' S) is the closest backyard on fire.

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On July 26, american negotiable securities trades committee (SEC) announces to pass a resolution consistently, namely basis " Dodd - reform of Frank wall street and bill of individual consumer protection " , cancel a company with form of brief family name (the requirement that bond grade must provide when Short Form) registers negotiable securities of fair development travel. The new regulation that concerns form of brief family name will be in couplet store announce effect of 30 days of have a youthful look.

According to SEC before regulation, if the company chooses applicable form of brief family name, its register emission blame to be able to change negotiable securities (like bond) the statistical grade orgnaization that must obtain a whole nation to approbate at least gives investment class grade. And fall in new regulation, 4 new criterion for evaluation replaced demand of level of this one grade, publisher simply accords with a new criterion for evaluation can applicable brief form form.

"This act is a move that we drop pair of grade results to count level, much heart of no less than - place of the person that Frank act asks all finance orgnaization is superintended does free t mobile prepaid cards in that way. " Chairman SEC Marie Xiapiluo (Mary L. Schap the most popular memory card digital cameras iro) expresses, "Whether is publisher accorded with in judgement applicable when brief form form, most popular selling t mobile prepaid cards new regulation offerred an appropriate, executable program that can replace grade result. New regulation offerred an appropriate, executable program that can replace grade result..

"Our support asks grade to take up a political career the eliminate in government office code, " mark general spokesman expresses to our newspaper reporter, "We believe should by the market, is not the value that governmental laws and regulations will come to to decide us. is not the value that governmental laws and regulations will come to to decide us..

scooby costume"The value size that we think investor is brought serves as the level that measures oneself success, " Deven Sharma of mark general chairman expresses, "Our grade result is to be used at measuring relevant credit risk, is not to regard as buy, hold perhaps sells the proposal that give. But we discover, compulsive grade regulation brings about a few investor to use our grade result as instead other objective. Compulsive grade regulation brings about a few investor to use our grade result as instead other objective..

Doubtful point one: "Those who buy " grade

SEC offers, firewall is built between the market of grade orgnaization, sale and grade branch, in order to avoid the interest conflict that the likelihood appears

Although grade orgnaization is so-called " independent tripartite " , pattern of Dan Jiying profit suffers bad-mouth all the time however. The income of grade orgnaization basically comes from issue bond at be in the bond that its grade result perhaps uses when the stock, stock or other and similar trading publisher or initiator.

Although to employee personal integrity, grade orgnaization interior has respective regulation commonly, if Moody asks its analyst is in grade committee before making grade, must not make grade assure to wait to the person that send debt with direct or indirect way, but this kind of sanction that has a regulation oneself has how old let life doubt however.

Before financial seismic sea wave erupts, the residential house of sub to be based on loan is borrowed assure negotiable securities (RMBS) and assure debt proof (CDO) , 3 tycoons give higher grade generally. The research report that standard general Er issues shows, came 2005 in the CDO category that founds between 2007, 85% is judge to be AAA class. And AAA class does not have risk of break a contact almost, be equal at American national debt!

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Whether is grade orgnaization really in financial seismic sea wave did add fuel to the fire scoop up brushstroke greatly? SEC still did not give out final conclusion.

Nevertheless, the money of 2007 year signs up for Moody (up to on December 31, 2007) show, credit grade service provides below the banner child ministry -- Moody investor serves a company in those days gross income amounts to 1.84 billion dollar, and " the market has restored " 2010 year (up to on December 31, 2010) , its income only 1.41 billion dollar, lower than 2007 430 million dollar.

"SEC still is in investigation grade orgnaizat free scooby costume ion before financial crisis, be in did not fulfil his duty to inves most popular selling memory card digital cameras tigate (the grade that mortgages to second debt loan or other loan do not accord with a fact below the circumstance of Due Diligence) , disobey the United States likely 1934 " negotiable securities trades law " oppose con provision regularly with SEC, SEC is OK to lodge a complaint of Xiang Lianbang court, chase after accuse its are civil responsibility. " a personage of law of negotiable securities of familiar United States points out.

Nevertheless, grandducal border financial condition evaluates limited company (next weighing Grandducal border) president Guan Jianzhong thinks, this kind collects fees to publisher itself without the problem, "The problem is grade sys memory laptop toshiba tem was not designed well, do not want a competition to introduce grade domain for instance. Do not want a competition to introduce grade domain for instance..

"(we are in) firewall was established among market staff and grade personnel, the market develops personnel to do not have the right of level promise. " path of Introduction Guan Jianzhong, "(Grandducal border is in) the data that distributed independence additionally is returned besides grade personnel analyst, the data of grade personnel needs to match data analyst to undertake an analysis, go up to evaluate committee. The company still created audit department. The company still created audit department..

The outbreak of financial seismic sea wave also let SEC see an orgnaization " self-discipline " limitation, this year in May, SEC offers, firewall is built between the market of grade orgnaization, sale and grade branch, in order to avoid the interest conflict that the likelihood appears.

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Doubt 2: Is grade level finite?

"3 orgnaizations (Moody, benefit praise, mark general) pay attention to more borrow return old capacity newly, oversight inside the ability of unripe capital. Oversight inside the ability of unripe capital..

This year, 3 tycoons demote to debt of European state sovereignty in succession, make its censure by the publicity of multilateral government and European Union. This lets a person can't help ask a question, how does grade of state sovereignty debt have again?

"A few countries pay cost to let us make grade to its debt, and some states do not pay any fee. " explanation of mark general spokesman, she points out to " free " dominion debt grade, mark general is analysed according to making public information to make commonly.

Nevertheless, grade orgnaization gathers together doing such losing business do not do not have a truth, some aim fame of thereby start shooting, and some hope to develop a new client. "We believe this kind of grade is put in potential market interest, " mark general spokesman expresses to the reporter.

Nevertheless, to most person, even if common commercial bond or stock grade, of grade orgnaization running still is to lying between a thick gauze, they cast a word that give to be able to be caused " earthquake " , but this word predestined relationship why and piece however complicated and confusing.

This year in May, SEC a piece of advice carried veil. The grade that this proposal asks the country is approbated organizes a report circumstance of its built-in control, es the best selling memory laptop toshiba tablish professional standard for credit analyst, reveal credit grade information and grade method to the most popular memory laptop toshiba the public. Now, the definition etc that pair of grade can check to serve on the website of 3 tycoons is run-of-mill information. If Moody announces his,grade flow basically includes with administrative layer the first time meeting and assess of analysis of Moody grade commission, whole process is general 60-90 day.

Nevertheless, a personage inside course of study points out, although (each grade orgnaizations) technological process is roughly same, but specific means and attention index have very big effect to the result.

Guan Jianzhong also points out, "3 orgnaizations (Moody, benefit praise, mark general) pay attention to more borrow return old capacity newly, oversight inside the ability of unripe capital. Oversight inside the ability of unripe capital..