Financial Crisis Inquiry Commission

Hearings & Testimony

Credibility of Credit Ratings, the Investment Decisions Made Based on those Ratings, and the Financial Crisis

8:30 a.m. ET, June 2, 2010
The New School Arnhold Hall, Theresa Lang Community & Student Center
55 West 13th Street, 2nd Floor
New York, NY 10011
Opening Remarks of Chairman Phil Angelides
Documents for the Record
Charts and Graphs
Official Transcript

• Session 1: The Ratings Process

  Eric Kolchinsky
  Former Team Managing Director, US Derivatives
  Moody’s Investors Service
  Testimony (PDF) | Video
  Jay Siegel
  Former Team Managing Director
  Moody’s Investors Service
  Testimony (PDF) | Video
  Nicolas S. Weill
  Group Managing Director
  Moody’s Investors Service
  Testimony (PDF)| Video
  Gary Witt
  Former Team Managing Director, US Derivatives
  Moody’s Investors Service
  Testimony (PDF)| Video

• Session 2: Credit Ratings and the Financial Crisis

  Warren E. Buffett
  Chairman and Chief Executive Officer
  Berkshire Hathaway
  (Mr. Buffett elected not to provide written testimony) | Video
  Raymond W. McDaniel
  Chairman and Chief Executive Officer
  Moody’s Corporation
  Testimony (PDF) | Video

• Session 3: The Credit Rating Agency Business Model

  Brian M. Clarkson
  Former President and Chief Operating Officer
  Moody’s Investors Service
  (Mr. Clarkson was unable to appear due to a medical emergency)
  Testimony (PDF) | Video
  Mark Froeba
  Former Senior Vice President, US Derivatives
  Moody’s Investors Service
  Testimony (PDF) | Video
  Richard Michalek
  Former Vice President/Senior Credit Officer
  Moody’s Investors Service
  Corrected Oral FCIC Testimony (PDF) | Written Statement submitted to FCIC and Senate (PDF) | Video

• Exhibits Submitted by Mr. Witt:

  Correlated Binomial Default Distribution
  Moody's Approach to Rating Multisector CDOs
  Moody's Modeling Approach to Rating Structured Finance Cash Flow CDO Transactions
  Moody's Revisits its Assumptions Regarding Structured Finance Default (and Asset) Correlations for CDOs
  Reforming Credit Rating Agencies

• Documents for the Record

  Session 1

  2002 Zoccoli Email (PDF)
  2006 Kolchinsky Email (PDF)
  August 2006 Rating Committee Memorandum (PDF)
  February 2007 Surana Email re CDO Market Share (PDF)
  July 2001 Clarkson Email (PDF)
  May 2006 Ratings Committee Memorandum (PDF)
  May 2007 Surana Email re CDO Market Share (PDF)
  Montana Board of Investments Letter to FCIC (PDF)
  SEC OCIE Examination Report (PDF)
  Excerpts from FCIC staff Interview of Roger Stein (PDF)
  
  

  Session 2

  2002 Berkshire Hathaway Shareholders Letter (PDF)
  2008 Berkshire Hathaway Shareholders Letter (PDF)
  Warren Buffett Letter to John Dingell (PDF)
  Housing at the Tipping Point (PDF)
  
  

  Charts and Graphs

  AAA Rated Assets Graphic (PDF)
  Glossary of Financial Terms (PDF)
  Moody's Timeline (PDF)