"The principles of rating agencies should be based on an objective and impartial position, rather than an incentive mechanism for market share."

Sure enough, Eric. As soon as Kosinski opened his mouth, he directly pointed the finger at the entire rating system, "Institutions package their assets to rating agencies and use a part of the fee to rate credit ratings, which in my opinion is wrong, a misplaced incentive." ”

"Obviously, this kind of behavior of focusing on quantity over quality, focusing on short-term interests rather than long-term interests, may be prevalent in investment banks, but it is not suitable for authoritative rating agencies that affect the entire market. In Moody's case, this motivation manifests itself in the pursuit of market share. ”

"I must admit that it was because I insisted on a more conservative and prudent approach to ratings that Moody's was fired after the performance plummeted because it was not competing with the other two in the subordinated derivative debt market. I have never been able to understand this. I believe that it is this corporate culture that has led to the most important accomplices of the financial crisis in which the rating agencies have become. ”

"Not just Moody's, but even S&P, Fitch and other organizations, as far as I know, are doing the same. So I think there's a serious problem with corporate culture in the rating agencies across Wall Street. The pursuit of profit and market share makes it difficult for them to maintain an objective and neutral position, resulting in a large number of shoddy bonds flowing into markets that should not belong to them, making the market full of risks that should not be there. ”

"That's all I have to say!"

Eric. Kosinski spoke a big phone call with a lot of air, and finally let out a long breath and calmly took a large sip of water, slowly calming down his excitement.

No one in the audience spoke, only the shutter of the camera clicked.

“……”

Al. Fran let out a long sigh, not knowing what to say.

Eric. Kosinski put it this way. Although let Al. Fran achieved part of his purpose, but his involvement was too broad to affect the basis of the entire U.S. rating agency. No matter how determined Fran is, he can't continue the investigation.

Originally, he only wanted to pull the root of Moody's root, but now Eric . What Kosinski had to do was to cut down the big tree of the American rating agency. This was far from what he had hoped for.

But seeing that the other party was so cooperative, Al. Fran didn't know what to say, so he forced a smile and nodded, which was regarded as a compliment to the other party's attitude.

But in his heart, he was scolding the other party for being stupid.

Waved off Eric. After Kosinski, Al. Fran and the other committee members whispered for a long time, then looked down again, catching a meaningful smile on Bell Stone's face.

To be fair, Bell Stone didn't mean anything else. Just to Eric. Kosinski's remarks were somewhat dismissive, but fell to Al. Fran's eyes turned into mockery of him.

How can the pride of a congressman be ridiculed by a Wall Street capitalist. Immediately, Al. Fran snorted coldly, stared at Zhong Shi and said slowly, "Pass on a witness!" ”

"And witnesses?"

Dean. Bendtner was stunned for a moment, then comforted himself, "The whole hearing has become a joke, since Mr. Congressman is not dead." Then add another joke. ”

However, Zhong Shi is not as optimistic as him, and he knows very well what is more and more killer. The more you have to do it at the end. Al. What Fran did in front of him was in vain, and he continued to insist on doing it, so if you think that the last thing must have a certain deterrent and lethal effect.

Soon, a timid young man walked out. As soon as he appeared, the room was full of cameras and cameras pointed at him, and the sound of shutters and magnesium lights suddenly surrounded him. This made him immediately surprised. His face suddenly turned pale and bloodless.

After struggling past the surrounding media, the young man, accompanied by a lawyer, stumbled his oath before carefully sitting half his ass in his chair.

"Witness names?"

Al. Fran looked at the man's posture and sighed again, wondering who his team had found. It can't be on the table at all. Even if such a person goes to court, he will lose points in front of the jury because of his current performance.

Hearing the sound from the other side, the young man's buttocks suddenly jumped up as if he had a spring on his bottom. However, the next moment, under the lawyer's reminder, he realized that he didn't need to stand and answer the question, but he was too embarrassed to sit down again, and looked timidly at the other side. Fran nodded imperceptibly before he sat down slowly.

Naturally, for his performance, Al. Fran was even more dissatisfied, snorted heavily, and asked again, "Witness name?" ”

"Richard. Michak! ”

The young man shrank his head and looked around cautiously for a long time. Before Fran lost his patience, he was sure that he was the one who was asking, and replied in a low voice.

"The witness used to work for the rating agency Moodire?"

Al. Fran was already angry, but in front of everyone, he still had to hold back the anger in his heart, and asked calmly, "Is there such a thing?" ”

"Yes!"

Richard. Michuk squeezed toothpaste, Al. Fran said a little, and he replied, with no intention of confessing himself.

"So what department do you work for?"

A hint of blush from Al. Fran's face flashed, and then he took a long breath, slowly calming down the depression and irritability in his heart, and then continued to ask: "What are the responsibilities and tasks of the specific job?" ”

Perhaps it was the realization that the other party's tone was not good, Richard. Michak finally came to his senses and replied in a big way, "I used to work for Moody's. From 2002 to 2009, a total of 7 years. During this period, he worked as a junior analyst, senior analyst and vice president. At the time of my departure, my last role was Senior Vice President, Structured Products and Derivatives. ”

Seeing that the other party finally opened his mind, Al. Fran let out a sigh of relief, knowing that the whole hearing had finally entered its own rhythm, and he was relieved at the moment, but he was not in a hurry to continue the cross-examination. It's about how to get more out of this person's mouth.

"This person is also your Moody's?"

Zhong Shi was also quite surprised by the successive appearance of former Moody's employees. Bendtner asked, "What the hell are you all about, how do you get rid of traitors?" ”

“……”

Bell Stone's question makes Dean. Bendtner was very embarrassed. I don't know how to answer. He tried to speak several times, but in the end he couldn't speak.

Seeing his appearance, Zhong Shi couldn't help but sigh, and asked again, "What the hell is going on with this guy, what does he know?" ”

"A lot!"

Dean. Bendtner took out a handkerchief, wiped the beads of sweat from his forehead, and whispered, "According to what he just said, this guy should be in the critical department." A lot of insider stories can't get around him. So if he really wants to speak, I'm afraid ......"

He didn't continue, but Zhong Shi understood the meaning.

When Zhong Shi's face sank, his heart also became heavy.

"Witness, during your time at Moody's, did you encounter anything that you considered unethical?"

Al. Fran finally figured out how to interrogate him, and went straight to the point, "So to speak." Whether it's against your own will or if you do it voluntarily. Did you do anything during your time at Moody's that you thought was unethical? ”

“……”

After whispering to the lawyer for a long time, Richard. Michuk finally spoke, "Yes! ”

Naturally, his words caused an uproar in the audience. Ignoring the discipline of the venue, people began to discuss one after another. And the cameras and cameras were moving wildly again, towards Richard. Michuk attacked in an overwhelming manner.

This quote from him. It was almost the fate of Moody's and the big news that reporters had been waiting for for a long time. Fran had a playful smile on her face.

"What is the specific situation, please ask the witness to give a detailed explanation!"

He swung his gavel twice. After stopping the noise in the venue, he struck while the iron was hot, and said, "Tell me everything you know." ”

"Yes, Mr. President!"

After receiving a guarantee of the lawyer's exculpation, Richard. Michak also seemed to be relieved, and said calmly at the moment, "My job is to rate the structuring and derivatives issued by investment banks and banks, using Moody's internal evaluation models. I won't talk about the specific principle, this is a very complex model. ”

"There have been several times when some customers have sent their products in for evaluation, and the rating according to this model is AA, but when it is finally sold, it is AAA, which is the highest level, and this kind of thing happens not once or twice, which is very strange to me."

"If you were aware of the problem, didn't you take action about it?"

Al. Fran was almost ecstatic at this time, and finally let him catch Moody's handle, and immediately he continued to ask, "You should also know that this is not in line with professional ethics, right?" ”

"Yes, Mr. President!"

Richard. Michak paused and continued, "After discovering the problem, I reported it to my superiors as soon as I found out. But strangely, after that, I was left out of the product evaluation of these customers. The situation didn't improve until I left the company. ”

"What do you mean......"

Al. Fran was almost on the verge of Richard. Michak applauded, barely suppressing the ecstasy that was pouring out of his body, and continued to ask with pretended composure, "You mean, there is some kind of ulterior insider trading in the process, or is it an act that goes beyond the norms?" ”

"I didn't say that!"

After whispering to the lawyer for a while, Richard. Michak eventually gave a negative answer, but then added, "According to my personal guess, something could happen in private, otherwise they wouldn't have hidden it from me as the person in charge." ”

"Good! Good! Good! ”

Al. Fran shouted three times in a row, and continued to ask despite the gaffe, "Now there is another question, what are the institutions of these customers you are talking about?" ”

"Goodman & Co., UBS, and Merrill Lynch!"

To this question, Richard. Michak replied directly without thinking, and then he realized something, and added, "Now it's not called Merrill Lynch Securities, but Merrill Lynch Group." ”

"You can go down!"

His answer made Al. Fran was so satisfied, so satisfied that there were 108,000 pores all over his body, and there was not a single one who did not cheer, and finally let him grab Moody's handle. If it weren't for the solemn hall, I'm afraid he would have cheered.

"This sucks!"

When Richard. When Michuk began to tell the story, Dean . Bendtner began to tremble uncontrollably, and by the end of the day, he was shaking like chaff, and even sitting became a problem.

"Relax!"

Seeing his appearance, Zhong Shi couldn't help but pat the other party lightly and comforted, "Don't worry, the matter is far from the end!" ”

It's also strange to say, and I don't know what magic Zhong Shi has in his hands, just patting it so gently, Dean. Bendtner's body calmed down. (To be continued.) )

PS: Thank you book friends for making your dreams come true 7882 for voting for a monthly ticket! Thank you for the tip from the world-class top of the world! PS: Chinese New Year's Eve is the end of the year, the horn of the new year is about to sound, in this moment of celebration, the author still insists on writing a chapter, the reason for this motivation is all because of everyone's uninterrupted support for this book throughout the year. In the past year, there have indeed been too many unsatisfactory things, which have led to the interruption of the book many times, which is also a helpless thing. However, the author is pleased that after so many ups and downs, it is not easy for this book to persist in writing to this day, thanks to everyone's perseverance in writing this book. The author would like to express his gratitude to all the book friends who have been supporting this book, and wish everyone a happy life and happy reading in the new year, and don't forget to continue to actively vote for this book, thank you!