Archive for April, 2010
Outside the Box: This time it’s different for ratings agencies
0 Comments Published April 30th, 2010 in News.When the major credit ratings agencies found themselves on the hot seat some years ago after the accounting scandals at Enron and Worldcom, their defenses were reasonable. This time it’s different, writes Neal Lipschutz.
NEW YORK (MarketWatch) — A Goldman Sachs Group Inc. (GS) managing director will testify on Tuesday that Chief Financial Officer David Viniar held a meeting in 2006 in which the firm’s mortgage department was ordered to reduce risk as the housing market first began to show cracks.
WASHINGTON (MarketWatch) — Goldman Sachs Group Inc. (GS) Chief Financial Officer David Viniar said the company began betting against the mortgage market in 2007 by “trading short” as a way to hedge the company’s losses in the area, according to testimony prepared for a Senate panel.