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Opinions and views from expert CFOZone members.

Tag >> Moody's
Sep 21

Commercial real estate prices continue to fall

Posted by Stephen Taub in ReisMoody'scommercial real estateCash

Stephen Taub

Let's face it. Unless you are in the real estate business, CFOs like high vacancy rates and declining rents.

It enables them to lower costs and retain the leverage during rent negotiations.

Mar 27

Galbraith vs. Greenspan: You be the judge

Posted by Ron F in unemployment, RiskRegulationrecoveryrecession, Obama, Moody'sGreenspanfinancial crisisFederal Reserveeconomydowngradedefaultcost of capitalCongresscapital expendituresbanking reformbanking industry

Ron F

I see Bloomberg can't resist interviewing Alan Greenspan about the perils of federal budget deficits, because the former Maestro's crystal ball is just so marvelously clear that he accurately predicted the housing crisis, which he did nothing to create, and took majorly serious steps to forestall it.

Oh, none of that last clause is true? And the ex-Fedster went so far as offer the markets the "Greenspan put," which is the ultimate "too big to fail" deal when you think about it?

Dec 08

Big Three ratings agencies remain 'critics for hire'

Posted by kcates in Standard & Poor'sRealPointPIMCOMorningstarMoody'sFitchdebt-rating agenciescomplianceBig three


Little cracks have begun to show in the Big Three rating agencies' hold on their market, but it's still difficult to envision a collapse of the wall  that's holding back the floodwaters of debt-rating reform.

The NY Times sure isn't betting on it, gauging by the tone of its big story this morning on how the more things change the more they stay the same.  The article explains how everybody's complained that Moody's, Standard & Poor's and Fitch still get 85 percent of all credit-rating business in spite of the fact that the Big Three so vastly overstated the quality of so many of the assets whose subsequent sudden emperor-has-no-clothes markdown led to last fall's market crisis (and the Great Recession). The article notes that there is practically no movement in Washington to outlaw the "critic-for-hire" business model that lets the agencies be paid by the very entities whose debt is being rated.  And Congress isn't pushing to remove the agencies' special government-conferred status that makes their imprimatur so important to the municipal bond market.  Yes, there is legislation in progress, but its impact will be minimal.  The quote o' the day is from Joseph A. Frundfest, a securities-law professor at Stanford: "What you see in these bills are Botox shots," Grundfest says. "For a little while, everyone is going to be frozen into a grin, and then the shots are going to wear off."

Nov 23

Credit-rating reforms underscore lost trust

Posted by kcates in Standard's and PoorsPIMCONRSRONationally Recognized Statistical Rating OrganizatMoody'sFitchcredit-rating agenciescompliance


Wondering who in these tumultuous times you can trust to rate mortgage securities?

Join the crowd.  Thus the coronation last week of PIMCO by the National Association of Insurance Commissioners in announcing its hiring of the world's biggest bond fund to stand in for the companies -- Moody's Investor Services, Standard's and Poor and Fitch -- that have the government imprimatur to do this work but haven't executed so good these past couple of three or four years.

Oct 02

Book Pitch! "Inside Moody's and the Culture of Deception"

Posted by kcates in Scott McCleskeyratings agenciesMoody's, Karl Cates, Eric Kolchinksycompliance


Scott McCleskey can be forgiven if when he looks in the mirror in the morning he sees Scott McClellan, the former White House spokesman who came out with that poison-pen chronicle after the Bush people finally closed shop and left everything in shambles.

A used copy of McClellan’s kiss-and-tell, "What Happened: Inside the Bush White House and Washington's Culture of Deception,” can be had today for as little as $3.89 on (new copies are $21.24, roughly 24 percent off the cover price, although I thought I saw one on my corner bookstore’s “great values” table the other day for $9.99.)  

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