Je ne sais pas si vous savez qui est Janet Tavakoli mais depuis plusieurs ann\u00e9es je dialogue avec elle par mails (nous \u00e9crivons et nous disons des choses tr\u00e8s semblables, autrefois du m\u00eame c\u00f4t\u00e9 de l\u2019Atlantique et d\u00e9sormais de part et d\u2019autre).<\/p>\n
Et nous avons une conversation en ce moment-m\u00eame \u00e0 propos d\u2019un appel qu\u2019elle a lanc\u00e9 aujourd\u2019hui (*), d\u2019une r\u00e9vocation des agences de notation pour tout ce qui touche aux produits financiers structur\u00e9s : pour incomp\u00e9tence. Son appel va dans le m\u00eame sens que ce que je dis depuis le d\u00e9but ici-m\u00eame : que les notateurs ont accept\u00e9 d\u2019attribuer des notes de cr\u00e9dit \u00e0 des instruments financiers dont il est en r\u00e9alit\u00e9 absolument impossible d\u2019\u00e9valuer le risque de non-remboursement qu\u2019ils pr\u00e9sentent.<\/p>\n
Et notre conversation d\u2019aujourd\u2019hui a une gravit\u00e9 inhabituelle parce qu\u2019au moment o\u00f9 nous \u00e9changeons ces courriers et en direct sous nos yeux, les \u00c9tats-Unis creusent leur tombe, l\u2019opinion publique am\u00e9ricaine s\u2019\u00e9tant cliv\u00e9e \u2013 comme aux temps de la guerre de S\u00e9cession \u2013 en deux camps irr\u00e9ductiblement antagonistes. <\/p>\n
Je n\u2019ai pas beaucoup de respect pour la politique \u00e9trang\u00e8re am\u00e9ricaine depuis 1945 \u2013 c\u2019est le moins qu\u2019on puisse dire -, mais comme j\u2019ai d\u00e9j\u00e0 eu l\u2019occasion de le dire ici, les \u00c9tats-Unis d\u2019Am\u00e9rique m\u2019ont accueilli \u00ab quand, dans ma vie, il faisait faim \u00bb, comme dit le po\u00e8te, et qu\u2019il n\u2019y avait pas d\u2019autre pays candidat. Alors, ce soir, alors que bien des gens disent \u00e0 propos du d\u00e9bat relatif au rel\u00e8vement du plafond de la dette am\u00e9ricaine : \u00ab Tout \u00e7a, c\u2019est du th\u00e9\u00e2tre ! \u00bb mais que je sais moi dans mes tripes, que cette fois ce n\u2019en est pr\u00e9cis\u00e9ment pas, du th\u00e9\u00e2tre, je me dis : \u00ab Dieu, SVP, prenez en piti\u00e9 l\u2019Am\u00e9rique ! \u00bb, et j\u2019ajoute, comme je viens de le faire \u00e0 l\u2019intention de Janet : \u00ab Et comme je ne ne crois malheureusement pas en Vous, soyez gentil d\u2019accorder une attention toute particuli\u00e8re \u00e0 ma requ\u00eate : je ne m’adresse \u00e0 Vous que vraiment contraint et forc\u00e9 \u00bb. <\/p>\n
===============
\n(*) In Symbolic Move, Tavakoli Strips Rating Firms of Key Status
\nWall Street Journal \u2013 July 25, 2011
\nBy Al Yoon<\/p>\n
NEW YORK (Dow Jones)–As U.S. credit-rating companies largely avoid regulatory changes hitting most financial markets in the financial crisis’s aftermath, one analyst is taking matters into her own hands, at least symbolically.<\/p>\n
Janet Tavakoli, one of the most vocal critics of the machines behind the complicated debt structures that exponentially enhanced subprime bonds, inasmuch as she can has decided to strip the rating companies of their status bestowed on them by the Securities and Exchange Commission.<\/p>\n
In a report scheduled for release Tuesday, the analyst is firing at the companies’ nationally recognized statistical rating organization (NRSRO) designation that allows banks and money managers to use credit ratings to determine capital and what investments can be bought. Her frustration over SEC policy years after the agency failed to catch billions of dollars in \u00ab\u00a0blatantly misrated\u00a0\u00bb bonds has intensified since she called on the U.S. agency to revoke the NRSRO status of the companies four years ago.<\/p>\n
\u00ab\u00a0Since the SEC failed to act, I now revoke the NRSRO designation for all credit-rating agencies for every class of credit rating with the exception of corporations not engaged in structured finance in a meaningful way,\u00a0\u00bb Tavakoli wrote in a 50-page review of the inadequacies and conflicts of the rating companies through the financial crisis.<\/p>\n
The Dodd-Frank Wall Street Reform and Consumer Protection Act seeks to reduce financial firms’ reliance on the rating companies but hasn’t hurt the idea of NRSRO status that Tavakoli said is the root of the problem. She hopes to draw more attention with her symbolic declaration, which she will be sending to Congress, she said in an interview.<\/p>\n
Tavakoli, president of Tavakoli Structured Finance in Chicago, in her report recommended ways to boost ratings accuracy, including conforming to third-party benchmarks and ratings scales.
\nShe called the top, AAA rating on the United States a \u00ab\u00a0convenient fiction\u00a0\u00bb that exists because there is no alternative system. Potential downgrades of the nation by Moody’s Investors Service and Standard & Poor’s would be \u00ab\u00a0largely irrelevant,\u00a0\u00bb she added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Je ne sais pas si vous savez qui est Janet Tavakoli mais depuis plusieurs ann\u00e9es je dialogue avec elle par mails (nous \u00e9crivons et nous disons des choses tr\u00e8s semblables, autrefois du m\u00eame c\u00f4t\u00e9 de l\u2019Atlantique et d\u00e9sormais de part et d\u2019autre).<\/p>\n
Et nous avons une conversation en ce moment-m\u00eame \u00e0 propos d\u2019un appel qu\u2019elle […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","footnotes":""},"categories":[6],"tags":[142,4475],"class_list":["post-26689","post","type-post","status-publish","format-standard","hentry","category-questions-essentielles","tag-dette-publique","tag-etats-unis"],"_links":{"self":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/26689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/comments?post=26689"}],"version-history":[{"count":6,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/26689\/revisions"}],"predecessor-version":[{"id":47243,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/posts\/26689\/revisions\/47243"}],"wp:attachment":[{"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/media?parent=26689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/categories?post=26689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog\/wp-json\/wp\/v2\/tags?post=26689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}