Note: Josh Rosner, managing director of Graham Fisher & Co., submitted this written testimony for a March 30 panel for the House Oversight Committee that was cancelled. His testimony has been entered into the Congressional Record and will be available on the House Oversight Committee website in the near future. The text appears below..
Dear Sir (or Madam), I am writing this letter with all due respects. I have a few items that our Treasury and, subsequently, legislators may have failed to consider: – If the GSEs borrow from either the Fed or from the Treasury lines without a requirement they first eliminate their dividends won’t taxpayers be forced […]
In a capitalist world losers take losses and winners gain. Well, that was the world we lived in previously. Now equity holders, who are supposed to be wiped out in an insolvency are not allowed to fail and debt holders in private companies are insured by the government. Instead of protecting those who made bad […]
Please refer to important disclosures at the end of this report. In reviewing the agreement between New York State Attorney General and the NRSROs (credit rating agencies with governmentally outsourced authorities) we are struck by the reality that his agreement does little to advance fundamental changes in rating processes and rewards the rating agencies with […]