Category Archives: Bailout

Felix Salmon Tags Rutledge for ‘Chart of the Day’

By admin | Published: May 8, 2009

The revealing and esthetically pleasing chart that R&R’s Ann Rutledge produced to illustrate asset-backed bond default rates is featured by Felix Salmon in his Reuters blog. Reflecting the value of analyzing the past in dealing with the future, Ann’s presentation on the development of the credit crisis is also recommended on the Zero Hedge blog. ... Read more

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Capital, Not Toasters, Dr. Krugman

By Ann Rutledge | Published: April 13, 2009

It wasn’t Dr. Krugman’s hate-mail treatment of securitization that made my brain go tilt. (I say this even though we concur with Barry Ritholz’s reasoning in his blog article, “Paul Krugman is Wrong About Securitization.” ) What really got to me was the reference to toaster giveaways. Toasters! Sylvain paid $5 for ours — used ... Read more

Also posted in Structured Finance/Securitization | Leave a comment

How AIG Bailout Offset Losses at Five Banks: Raynes on Bloomberg

By admin | Published: March 25, 2009

“‘Banks can pay bonuses without eroding capital if they were funded from profitable trades that were settled through financing provided by the government to AIG,’ said Sylvain Raynes, a derivative consultant in New York and author of The Analysis of Structured Securities.” Read the full article: “Treasury Preserves Bank Payday with AIG Rescue Cash,” by ... Read more

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The Hollow Men of the AIG Debacle

By Sylvain Raynes | Published: March 21, 2009

At this very moment, throughout this great land of ours, ordinary people dwelling far away from the chaotic nonsense known as Wall Street are probably wondering how so much money could be wasted by so few people — people who, in fact, live in another country. And when the very same people appear to be ... Read more

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Bailout Requires Reform for Rating Agencies: Ann Rutledge in WSJ

By admin | Published: March 20, 2009

The March 20 edition of The Wall Street Journal quotes R&R’s Ann Rutledge calling for rating agencies to develop new ways to rate debt as they benefit from the government’s bailout program: “[Rating agencies] are still paid for their ratings by the companies whose bonds they rate, a potential conflict of interest. And much-anticipated competition ... Read more

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Raynes on AIG Bailout: "There is no need to spend even one more dollar to bail anyone out"

By admin | Published: March 19, 2009

R&R’s Sylvain Raynes was interviewed by Joe Soucheray on station KSTP in St. Paul, Minnesota, on March 18, for his views on the AIG bailout. Listen to the podcast on KSTP’s Web site. Sylvain Raynes’s part of the discussion comes about three-quarters of the way through the program.

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Sylvain Raynes Criticizes AIG Bailout in New York Times

By admin | Published: March 18, 2009

“The system was undermined by asking the American people, under the veil of secrecy, to bail out one company when in fact they wanted to bail out someone else,” said Sylvain R. Raynes, an authority in structured finance and a founder of R & R Consulting, a firm that helps investors gauge debt risks. “The ... Read more

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Why DIPs Can’t Afford to Take a Bath on Company Risk

By Ann Rutledge | Published: January 27, 2009

An article by Anousha Sakoui and Nicole Bullock in Financial Times entitled “Liquidation risk grows as DIP finance dries up” is one more piece of evidence that hybrid systems don’t work. I’m referring here to the two corporate bankruptcy systems the U.S. has put in place: one designed to help companies get back on their ... Read more

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The Step-by-Step Resolution of the Sub-Prime Crisis

By Sylvain Raynes | Published: January 23, 2009

Step 1: For God’s sake, relax! Everyone is so uptight right now that we can’t even think. We will only get out of this mess by thinking, not by reacting prematurely with adolescent measures and childish pronouncements. Step 2: Suspend all further Treasury loans to Wall Street until the situation can be clarified by valuing ... Read more

Also posted in Credit Crisis, Sylvain Raynes | 6 Comments

Dangerous Myths about SROs — Part 1

By Ann Rutledge | Published: January 5, 2009

In her article on the RGE Monitor Web site, R&R’s Ann Rutledge discusses two myths that she sees offered as fact in a recent position paper by the Financial Economists Roundtable, “Reforming the Role of the Statistical Ratings Organizations in the Securitization Process.” Myth 1: The notion that SROs ever evaluated collateral. “Even the SROs ... Read more

Also posted in Ann Rutledge, Banks, Capital Structure, CRAs, Financial System, Valuation | Tagged , | Leave a comment

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