Wednesday, May 14, 2008
"Brian Clarkson, ... is stepping down as president and chief operating officer of the oldest bond-rating firm, [Moody's] announced Wednesday. ... 'Challenging credit-market conditions, combined with Moody's role and function in [structured-finance] markets, have created scrutiny and criticism from numerous external sources about various aspects of our business,' Moody's Corp Chief Exectuive Raymond McDaniel said in a letter to employees Wednesday", WSJ, 8 May 2008.
Brian Clarkson (BC), good bye and good riddance. Now it remains to be seen if McDaniel will do anything to improve Moody's product. I mentioned BC in my 3 May 2008 post. It remains to be seen if BC's leaving Moody's was an attempt to make him the "face" of Moody's problems, like say Mozillo at Countrywide, or will Moody's change the way it does business. Stay tuned.