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The first rating agency in the world was created by Mr. John Moody, in the U.S. in 1909. He was dealing also with the moral hazard and adverse selection problem. He had a neat idea and that was to give letter grades to securities that represented credit worthiness. The highest grade was AAA and that was the best grade you could get. There are no A+'s; it sounds a little bit like college, but not quite. Then, if you weren't quite AAA, you were AA and if you weren't quite AA, you were A and then you could become BA. Well, all the way down, I guess, to C or beyond that--then you're failing. It's just almost like college grades.
3 Q+ K+ Z/ P( q9 ^7 T$ w! ?
The idea was that the--so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans. There was another--Henry Poor set up Poor's in 1916 on a similar model and they later merged with Standard Statistics to become Standard & Poor's, S&P. Those are the two biggest rating agencies in the U.S. today and they're extremely powerful organizations because they--Standard & Poor's also does letter grades, a slightly different system, but almost the same. Then there's Fitch, who's the third, which is smaller than these two.: N5 {0 }; g! P
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This is an interesting question: do they solve the moral hazard and adverse selection problem as well as banks do? Well, they're similar to banks and they have a relationship with the investment community and they try to stay on top of everything that's happening. They've become forces of nature in the U.S. economy, in the sense that people accept these letter grades with great authority. Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities. In other words, securities that were themselves backed by subprime loans. So, this is the subprime scandal showing up. The question is: how can these rating agencies manage the current distrust that has developed? Because they--one important thing--John Moody was a very crusty, strong-willed man, who wrote a couple books. In these books he talked about his moral commitment to honest rating of securities. People trusted him and they trusted his organization. Well, they still do massively, although a little bit less than they used to.
The first rating agency in the world was created by Mr. John Moody, in the U.S. in 1909. He was dealing also with the moral hazard and adverse selection problem. He had a neat idea and that was to give letter grades to securities that represented credit worthiness. The highest grade was AAA and that was the best grade you could get. There are no A+'s; it sounds a little bit like college, but not quite. Then, if you weren't quite AAA, you were AA and if you weren't quite AA, you were A and then you could become BA. Well, all the way down, I guess, to C or beyond that--then you're failing. It's just almost like college grades.
3 Q+ K+ Z/ P( q9 ^7 T$ w! ?
The idea was that the--so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans. There was another--Henry Poor set up Poor's in 1916 on a similar model and they later merged with Standard Statistics to become Standard & Poor's, S&P. Those are the two biggest rating agencies in the U.S. today and they're extremely powerful organizations because they--Standard & Poor's also does letter grades, a slightly different system, but almost the same. Then there's Fitch, who's the third, which is smaller than these two.: N5 {0 }; g! P
4 e: w0 M8 E, _% d: Z \; J# E! U7 r
This is an interesting question: do they solve the moral hazard and adverse selection problem as well as banks do? Well, they're similar to banks and they have a relationship with the investment community and they try to stay on top of everything that's happening. They've become forces of nature in the U.S. economy, in the sense that people accept these letter grades with great authority. Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities. In other words, securities that were themselves backed by subprime loans. So, this is the subprime scandal showing up. The question is: how can these rating agencies manage the current distrust that has developed? Because they--one important thing--John Moody was a very crusty, strong-willed man, who wrote a couple books. In these books he talked about his moral commitment to honest rating of securities. People trusted him and they trusted his organization. Well, they still do massively, although a little bit less than they used to.
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