Permanent Subcommittee on Investigations

Wall Street and the Financial Crisis: The Role of Credit Rating Agencies

Date: April 23, 2010
Time: 9:30am
Location: Room G-50, Dirksen Senate Office Building
Agenda:

The Permanent Subcommittee on Investigations hearing, “Wall Street and the Financial Crisis: The Role of Credit Rating Agencies,” was the third in a series of Subcommittee hearings examining some of the causes and consequences of the recent financial crisis. The third hearing focused on the role of credit rating agencies in the financial crisis, using as case histories the credit rating agencies of Standard and Poor’s and Moody’s.

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Member Statements

Senator

Carl

Levin

(D -
 MI)

Senator

Tom

Coburn

(R -
 OK)

Witnesses

Panel 1

FRANK

RAITER

Former Managing Director, Mortgage-Backed Securities

Standard & Poor’s

Panel 1

RICHARD

MICHALEK

Former Vice President Sr. Credit Officer, Structured Derivative Products Group

Moody’s Investors Service

Panel 1

ERIC

KOLCHINSKY

Former Team Managing Director, Structured Derivative Products Group

Moody’s Investors Service

Panel 1

ARTURO

CIFUENTES, PhD

(Former Moody’s Senior Vice-President)

Current Director, Finance Center, University of Chile

Panel 2

SUSAN

BARNES

Current Managing Director, Mortgage-Backed Securities

(Former North American Practice Leader, Residential Mortgage-Backed Securities), Standard & Poor’s

Panel 2

YURI

YOSHIZAWA

Group Managing Director, Structured Finance

Moody’s Investors Service

Panel 2

PETER

D’ERCHIA

Current Managing Director, U.S. Public Finance

(Former Global Practice Leader, Surveillance), Standard & Poor’s

Panel 3

RAYMOND W.

MCDANIEL, JR.

Chairman and Chief Executive Officer

Moody's Corporation

Panel 3

KATHLEEN A.

CORBET

Former President (2004-2007)

Standard & Poor’s

Related Links

Printed Hearing Record