House Financial Services Committee: Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. Ray McDaniel, CEO of Moodys, testified that transparency of data for all parties is the single most important thing we could do to reform structured finance.
"Making information available to the investing public and to the rating agencies who are not selected to rate the securities by the issuer is critical. If that information is made available to all of us as well as to investors, we have the ability to act as a check and balance on each other, and the institutional investor community has an ability to act as a check and balance on the rating agencies. If we have one solution to the rating shopping and competitive problems that are being raised, that is the solution."
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