Moody's
Moody's Corporation, according to Hoovers, "publishes credit ratings and other financial information on more than 100,000 commercial and government entities in about 100 countries." Ratings are given on bonds, managed funds, and insurance companies, using letters ranging from "Aaa" to "C". The company is based in New York City. [1]
In 2008, revenue was US$1.755 billion with profits of US$457.6 million.[1]
Financial crisis
Contribution to the crisis
Moody's was one of the ratings agencies that gave the highest 'aaa' ratings to "toxic" instruments such as collatoralized debt obligations (CDOs) that later turned out to be very low quality debt instruments. The high rating enticed institutions to purchase these instruments, leading to defaults that spread throughout the financial system.[2]
Lobbying
Moody's spent $820,000 for lobbying in 2006, all of it going to the lobbying firm Akin, Gump, Strauss, Hauer & Feld. [3]
Personnel
Key executives and 2006 pay: [4]
- Raymond W. McDaniel, Jr., Chairman and Chief Executive Officer, $8,195,767 (also exercised $803,258 in options)[5]
- Linda S. Huber, Chief Financial Officer, $2,526,923[6]
- John J. Goggins, General Counsel, $1,857,919[7]
- Frances G. Laserson, Corporate Communications, responsible for public relations, media relations, employee communications, advertising and corporate branding
Selected members of the Board of Directors: [8]
- Basil L. Anderson, Also a director of Staples, Inc.
- Robert R. Glauber, Retired Chairman and Chief Executive Officer NASD
- Henry A. McKinnell, Jr., Former Chairman and Chief Executive Officer Pfizer Inc
Contact details
99 Church Street
New York, NY 10007
Phone: 212-553-0300
Fax: 212-553-4820
Web: http://www.moodys.com
Articles & resources
References
- ↑ 1.0 1.1 Moody's Corporation Profile, Hoovers, accessed October 11, 2009.
- ↑ Section 12, beginning page 93, Sold Out - How Wall Street and Washington Betrayed America , Consumer Education Foundation, March, 2009.
- ↑ Moody's Corp lobbying expenses, Open Secrets, accessed December 2007.
- ↑ Executive Officers, Moody's, accessed December 2007.
- ↑ Raymond W McDaniel Jr, Forbes, accessed December 2007.
- ↑ Linda S Huber, Forbes, accessed December 2007.
- ↑ John J Goggins, Forbes, accessed December 2007.
- ↑ Board of Directors, Moody's, accessed December 2007.
External resources
- Sold Out - How Wall Street and Washington Betrayed America , Consumer Education Foundation, March, 2009.
External articles
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