FULL COMMITTEE HEARING: Credit Rating Agencies and the Next Financial Crisis
On Wednesday, September 30, 2009, Chairman Edolphus “Ed” Towns (D-NY) reconvened the House Oversight and Government Reform Committee’s hearing to examine what role inaccurate credit ratings played in the current financial crisis, and what regulatory changes need to be implemented to prevent a future collapse.
The hearing titled, “Credit Rating Agencies and the Next Financial Crisis,” took place in room 2154 Rayburn House Office Building at 10:00 a.m., and featured testimony from individuals with an intricate knowledge of credit rating agencies and their ability to accurately rate complex financial securities.
Mr. Ilya Eric Kolchinsky, Former Managing Director, Moody’s Investors Service
Mr. Scott McCleskey, Former Senior Vice President for Compliance, Moody’s Corporation
Mr. Richard Cantor, Chief Risk Officer, Moody’s Corporation and Chief Credit Officer, Moody’s Investors Service
Senator Alfonse M. D’Amato, Former Chairman, Senate Committee on Banking
Mr. Floyd Abrams, Partner, Cahill Gordon & Reindel, LLP
Mr. Eric Baggesen, Senior Investment Officer, California Public Employees Retirement System (CalPERS)
Professor Lawrence J. White, Leonard N. Stern School of Business, New York University