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Moody's Head Of Sovereign Ratings Pierre Cailleteau Leaving Disgraced Firm

Tyler Durden's picture




 

First the SEC issues a Wells Notice, and threatens an NRSRO registration C&D, and now the head of the firm's sovereign rating group, arguably the most important business aspect left to the discredited rating agency, leaves the company. Time for Moody's to issue a D-rating on itself. We wonder just who the administration's hand-picked replacement for Mr. Cailleteau is going to be.

From Reuters:

Pierre Cailleteau, head of the sovereign rating group at Moody's Investors Service, is leaving the firm, a spokesman for Moody's said on Tuesday.

A date has not yet been set for his departure and a permanent replacement has not been named, a spokesman said. Bart Oosterveld, chief credit officer for public sector ratings, which includes sovereign ratings, will lead the sovereign team on an interim basis.

Cailleteau's decision to leave was his own and was not related to market events or recent criticisms of rating agencies, the Moody's spokesman said.

Cailleteau's departure comes amid intense criticism of sovereign rating actions and calls for tougher controls over the three major rating agencies, Moody's Corp's Moody's Investors Service, McGraw-Hill Companies Inc's Standard & Poor's and Fimalac's Fitch Ratings.

French President Nicolas Sarkozy, German Chancellor Angela Merkel and officials of European Union have all leveled harsh criticism at rating agencies and called for reviews of whether they had worsened Greece's debt crisis.

The charges came after S&P downgraded Greek debt to junk status as a rescue package for the debt-laden nation was being put together.

The three major rating agencies have also been accused of carelessness in the run-up to the global credit crisis in handing out high ratings on pools of mortgage and consumer debt that subsequently unraveled.

 

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Tue, 05/18/2010 - 12:37 | 358346 aint no fortuna...
aint no fortunate son's picture

Maybe "Bubbles" Rohmer?

Tue, 05/18/2010 - 12:38 | 358348 bugs_
bugs_'s picture

Deep Shah

or is it Lucky Pierre?

Tue, 05/18/2010 - 12:45 | 358366 Debtless
Debtless's picture

Fuck Moody's. The world's a better place with them.

Tue, 05/18/2010 - 13:06 | 358424 sheeple
sheeple's picture

+1

Tue, 05/18/2010 - 12:51 | 358382 Rick64
Rick64's picture

The three major rating agencies have also been accused of carelessness in the run-up to the global credit crisis in handing out high ratings on pools of mortgage and consumer debt that subsequently unraveled.

Carelessness. Thats a nice way of putting it. Lets not be too harsh.

Tue, 05/18/2010 - 13:09 | 358429 LeBalance
LeBalance's picture

Well boys, looks like we got one o them who needs a sloppy hanging!

What do you all say we use the acid soaked rope that breaks when the body weight hits it.

Sure is fine theater to have to hang em again and again.

But justice is served as they are doing to same to us.

Shucks.

Tue, 05/18/2010 - 13:44 | 358527 Ripped Chunk
Ripped Chunk's picture

I kind of like the "hang until half dead then rake out the guts with a rusty hook, repeat over and over until the crowd gets bored and goes home" technique.

I mean, it was really popular from 1300 through the early 1600's

Tue, 05/18/2010 - 13:03 | 358418 strannick
strannick's picture

'Time for Moody's to issue a D-rating on itself. '

Since when did high hilarity become an essential component of economic critique?

Im going to start saving these little gems....

Tue, 05/18/2010 - 13:05 | 358422 sheeple
sheeple's picture

Is he taking a post with Goldman?

Tue, 05/18/2010 - 13:15 | 358460 Captian America
Captian America's picture

How long before he ends up dead?

Tue, 05/18/2010 - 13:32 | 358488 Mitchman
Mitchman's picture

First rat off the sinking ship.

Tue, 05/18/2010 - 13:45 | 358531 Ripped Chunk
Ripped Chunk's picture

Moody's & S&P need to be gone.

By this Friday sounds about right.

Tue, 05/18/2010 - 13:46 | 358534 Dr. Richard Head
Dr. Richard Head's picture

Back when I had absolutely no clue of what was going on in the ratings world (I only have a little clue now), I was a recruiter trying to break into the actuarial field.  Back in 2006 I was working on a couple of projects for many of the scam insurance companies out there in the market (I was the mark apparently) and completely out-of-the-blue Moody's came knocking on my door for a Chief Actuary for their New York office.  I declined to take on the project with retainer as I had moved on to another industry of recruiting, but Moody's kept calling and knocking on the door for me anyway.  There were literally hundreds of other recruiters that focused on the actuarial field, so the fact that they were beating down a rookie's door means the management needed a patsy to bring on another patsy to help cook the rating's books. 

 

Quite frankly, I am surprised it took so long for Moody's to really start to be in the spot light.

Tue, 05/18/2010 - 14:33 | 358733 Ripped Chunk
Ripped Chunk's picture

They should have just called up for pizza delivery and hired whoever brought the delivery over.

What difference would it have made????

 

Tue, 05/18/2010 - 13:55 | 358573 Apostate
Apostate's picture

Harsh criticism?

The ratings agencies kept them in power! I love it when the goons begin pointing guns at each other. Unfortunately, it'll be up to us to clean up the mess they leave behind...

Tue, 05/18/2010 - 14:00 | 358587 faustian bargain
faustian bargain's picture

Funny how  the government doesn't pay much attention to ratings agencies during the FIRE bubble, but when they start downgrading bankrupt countries, time to apply the screws.

Tue, 05/18/2010 - 14:01 | 358591 faustian bargain
faustian bargain's picture

In other words, they're doing it kindof ass-backwards, if you ask me.

Wed, 05/19/2010 - 01:18 | 360072 Tense INDIAN
Tense INDIAN's picture

should be accused of a CONSPIRACY instead

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