SEC delays action on credit rating agency rules

November 19, 2008 by · Leave a Comment
Filed under: Policy News 

Not too much of delay but they really need to get these rules in place.  Also I feel that a hard look should be looked at in terms of how the credit rating agencies played a part in this crisis.  If people broke the law, then they should have to answer for their actions.


U.S. securities regulators on Wednesday delayed action on adopting stricter rules to rein in the credit rating agencies until Dec. 3.

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WaMu debt downgraded to “junk,” projects $4.5 billion loss reserve

September 11, 2008 by · Leave a Comment
Filed under: Industry News 

Good to hear they have long term funding in place so this hopefully won’t affect them too much.  They did re-affirm their commitment to maintaining there preferred dividend in this volatile market.  Their stock is down to 1990 levels which is not a good sign.

They are still the largest deposit bank in the U.S., it would be ashame to see them lose their independence because of the aggressive lending practices.  With their deposit base they will retain value in any acquisition.


In a statement, the thrift called the Moody’s downgrade “inconsistent” with its finances, but said it does not expect a “material” impact on borrowings, collateral or margin requirements, or to suspend dividends on its preferred stock.

It also said it has $50 billion of liquidity from “reliable funding sources,” and expects capital to remain “significantly above” regulatory minimums for “well-capitalized” lenders.

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