Selected writings by David Fiderer
The Securities and Exchange Commission’s recent roundtable on ratings shopping in structured finance was a reminder of how Sen. Al Franken’s (D-Min.) efforts at reform are obstructed by a wall of denial. Standard & Poor’s denied that any proposal for reform would be workable, and the SEC effectively denied that the issue requires action any time soon. Neither was as direct or as blunt as Moody’s Investors Service CEO Raymond McDaniel, who has previously denied that any problem ever existed.