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Analyzing the Conflict of Interests in the Credit Rating Agencies in the USA

Author: HouChenYang
Tutor: FanXiaoBo
School: China University of Political Science
Course: International Economic Law
Keywords: Credit rating agencies Conflicts of interest NRSRO
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Type: Master's thesis
Year: 2010
Downloads: 422
Quote: 5
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Abstract


In March 2008, Bear Stearns by JP Morgan Chase acquisition marked the first time this century financial crisis officially broke out. Once hailed as the \a. With the U.S. financial regulatory investigations gradually expand the existing problems of the U.S. credit rating agency is also beginning to emerge, and the root causes that led to this series of questions is the credit rating agencies that exist within a huge conflict of interest. This conflict of interest makes the role of \From the following four parts, the conflict of interest of the U.S. credit rating agencies to analyze: the first part: the causes of conflicts of interest of credit rating agencies. In this section, I start from the history of the development of the credit rating agencies, the change to the credit rating agencies charging for clues to reveal the root causes of the conflict of interest of credit rating agencies. In this section, I will also be introduced to the United States NRSRO system and analyze the impact of the conflict of interest of credit rating agencies. Finally, I will refute the theory of reputation to defend the capital of the credit rating agencies for their own conflicts of interest, and prove that in today's economic conditions, the credibility capital theory has lost the basis for its entry into force. Part II: credit rating agencies, conflict of interest lead to many problems. In this section, I will introduce the credit rating agencies due to the many problems of conflict of interest, including the internal control mechanism failure, rating procedures and methodologies opaque, the lack of due diligence on the underlying assets, the poor quality of the credit rating model, the follow-up rating and other issues. Part III: the regulation of conflicts of interest and the validity of the existing U.S. regulatory system. In this section, I will sort out the U.S. regulatory system for credit rating agencies to reveal conflicting regulatory interests of the U.S. credit rating agencies. Meanwhile, I will analyze the American regulatory approach, pointing out the drawbacks increase transparency and improve competition in the industry's regulatory approach. Part IV: recommendations for improving the supervision of credit rating agencies, conflicts of interest. In this section, the author recommends the establishment of a public credit rating agencies, and from the theoretical basis for the establishment of public credit rating agencies, operating modes, management functions, neutrality, transparency, access to information as well as financial assurance aspects of argumentation establish viable public credit rating agencies sex. Theorists questioned about the public credit rating agencies to respond.

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