quarta-feira, abril 13, 2011

Sobre a credibilidade de agências de notação

Frank Raiter, ex-administrador da Standard & Poor:
"Profits were running the show. The business management wanted to get as much profit as they could into their coffers. Standard and Poor's gave a high rating to Enron days before it collapsed. The same people who brought us Enron are still in charge of the henhouse."

Extratos do livro "The smartest guys in the room" de Bethany McLean e Peter Eklind sobre o escândalo da ENRON:
- "We rely heavily on ENRON's risk-management ability (...) It gives you a nice, warm, fuzzy feeling (...) ENRON has such extraordinary risk-management capabilities that we look at them differently", Todd Shipman (Standard & Poor), pag. 116;
- "This is a very, very, very well run company, a strong, strong management team", Ralph Pellechia (Fitch) sobre a ENRON, pag. 238.

Aconselha-se ainda a leitura de "Meltdown Iceland" de Roger Boyes e "The Best Way to Rob a Bank Is to Own One" de William K. Black, onde se pode constatar a complacência das principais agências de notação perante bancos cuja actividade principal durante anos a fio foi roubar e pedir empréstimos progressivamente mais gigantescos.

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