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

Permanent Subcommittee on Investigations

Location: Room G-50, Dirksen Senate Office Building



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Member Statements

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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Witnesses

Panel 1

  • FRANK RAITER
    Former Managing Director, Mortgage-Backed Securities
    Standard & Poor’s
    Woodville, VA
    Download Testimony (43k)
  • RICHARD MICHALEK
    Former Vice President Sr. Credit Officer, Structured Derivative Products Group
    Moody’s Investors Service
    Brooklyn, NY
    Download Testimony (133k)
  • ERIC KOLCHINSKY
    Former Team Managing Director, Structured Derivative Products Group
    Moody’s Investors Service
    Westfield, NJ
    Download Testimony (25k)
  • ARTURO CIFUENTES, PhD
    (Former Moody’s Senior Vice-President)
    Current Director, Finance Center, University of Chile
    Santiago, Chile
    Download Testimony (208k)

Panel 2

  • SUSAN BARNES
    Current Managing Director, Mortgage-Backed Securities
    (Former North American Practice Leader, Residential Mortgage-Backed Securities), Standard & Poor’s
    New York, NY
    Download Testimony (525k)
  • YURI YOSHIZAWA
    Group Managing Director, Structured Finance
    Moody’s Investors Service
    New York, NY
    Download Testimony (258k)
  • PETER D’ERCHIA
    Current Managing Director, U.S. Public Finance
    (Former Global Practice Leader, Surveillance), Standard & Poor’s
    New York, NY
    Download Testimony (347k)

Panel 3