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Ratings auf Bestellung: Insider von Moody packt aus

August 20, 2011
Ratingagentur Moody´s Leichen im Keller werden sichtbar
Samstag, August 20, 2011, 01:48 PM –

Wollten Sie immer schon mal wissen wie Ratings entstehen? William Harrington, 11 Jahre in Spitzenposition bei Moody´s, hat es der US-Börsenaufsicht SEC geschrieben.

Auf 78 Seiten erklärt Harrington es genau. Demnach wurden Ratings den Wünschen der Klienten entprechend erstellt. Auch andere Ratingagenturen dürften ähnlich arbeiten.

Introduction to the Members of the Security and Exchange Commission

My name is William J. Harrington. I was employed by Moody’s Investors Services (“Moody’s) as an analyst in the Derivatives Group from June 1999 until my resignation in July 2010.

In 2006, I was promoted to Senior Vice President, the highest title that one could attain while performing purely analytical tasks. I am extremely proud of my work at Moody’s, which I memorialized in detailed committee memos, in Moody’s methodologies and in other Moody’s publications.

A summary of my responsibilities at Moody’s and at prior employers and a list of my publications are included in an appendix to this Comment. During my 11-year tenure at Moody’s, I was a lead analyst for many Derivative Product Companies (“DPCs”), for a collateralized swap program and for several Credit Derivative Product Companies (“CDPCs”).

From 2006 onward, I was Team Co-Leader for these types of counterparty vehicles, collectively known as Structured Finance Operating Companies (“SFOCs”). Beginning in 2003, I spearheaded the multi-year development of a methodology to treat interest-rate and currency swaps in all types of cash-flow securitizations rated worldwide by Moody’s.

In the U.S., these types of cash-flow securitizations include Residential Mortgage-Backed Securities (“RMBS”), Commercial Mortgage-Backed Securities (“CMBS”), Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs” and, collectively with CBOs, “CDOs”) and Student Loans, among others.

During the first seven years of my tenure, I was also a lead analyst for approximately 50 CDOs. Upon my promotion to Senior Vice President in spring 2006, I relinquished my responsibilities for CDOs to focus entirely on SFOCs. In 2009 and 2010, I participated in 20+ sovereign committees as one of two required senior members from outside of the Sovereign Group. My prior experience as an International Economist at The WEFA Group served me well in this capacity.

Thank you for providing this opportunity to comment on the Proposed Rules for Nationally Recognized Statistical Rating Organizations (Proposed Rules”). My comments refer only to Moody’s Investors Services.

I am at your disposal.

Sincerely yours, William J. Harrington

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