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592 Notes to Chapter 10

102. John C. Dugan, Comptroller of the Currency, written testimony for the FCIC, Hearing on Sub-
prime Lending and Securitization and Government-Sponsored Enterprises (GSEs), day 2, session 2: Of-
fice of the Comptroller of the Currency, April 8, 2010, Appendix E: OCC Supervision of Citibank, N.A.,
p. 10.
103. “Interagency Statement on Sound Practices” (Notice of final interagency statement), January 5,
2007, p. 6.
104. Basel Committee on Banking Supervision: Joint Forum, “Credit Risk Transfer,” Bank for Interna-
tional Settlements, March 2005, pp. 3–4, 6–7, 5–10.
105. Ibid., p. 4.
106. Ibid.
107. Ibid., pp. 3–4.
108. SEC, Office of Compliance Inspections and Examinations, “Examination Report to Moody’s In-
vestor Services, Inc.,” p. 4 (examination begun August 31, 2007).
109. Warren Buffett, testimony before the FCIC, Hearing on the Credibility of Credit Ratings, the In-
vestment Decisions Made Based on Those Ratings, and the Financial Crisis, session 2: Credit Ratings and
the Financial Crisis, June 2, 2010, transcript, p. 301.
110. Warren Buffett, interview by FCIC, May 26, 2010; Buffett, testimony before the FCIC, June 2,
2010, transcript, p. 302.
111. Eric Kolchinsky, written testimony for the FCIC, Hearing on the Credibility of Credit Ratings,
the Investment Decisions Made Based on Those Ratings, and the Financial Crisis, session 1: The Ratings
Process, June 2, 2010, p. 2.
112. Brian Clarkson, interview by FCIC, May 20, 2010.
113. Gary Witt, interview by FCIC, April 21, 2010. John Rutherford was the president and CEO of
Moody’s Corporation from the time of its spin-off from Dun & Bradstreet in 2000 until he retired from
the firm in 2005.
114. Jerome Fons, interview by FCIC, April 22, 2010.
115. Raymond McDaniel, interview by FCIC, May 21, 2010.
116. Clarkson, interview.
117. Ibid.
118. McDaniel, interview.
119. Raymond McDaniel, testimony before the FCIC, Hearing on the Credibility of Credit Ratings,
the Investment Decisions Made Based on Those Ratings, and the Financial Crisis, session 2: Credit Rat-
ings and the Financial Crisis, June 2, 2010, transcript, pp. 203–4.
120. Scott McCleskey, interview by FCIC, April 16, 2010.
121. Clarkson, interview.
122. Witt, interview.
123. Mark Froeba, testimony before the FCIC, Hearing on the Credibility of Credit Ratings, the In-
vestment Decisions Made Based on Those Ratings, and the Financial Crisis, session 3: The Credit Rating
Agency Business Model, June 2, 2010, transcript, p. 347.
124. Clarkson, interview; McDaniel, interview.
125. Witt, interview; Gary Witt, testimony before the FCIC, Hearing on the Credibility of Credit Rat-
ings, the Investment Decisions Made Based on those Ratings, and the Financial Crisis, Session 3: The
Credit Rating Agency Business Model, June 2, 2010, transcript, p. 394.
126. Brian Clarkson, email to Ed Bankole, Pramila Gupta, Michael Kanef, Andrew Kriegler, Sam Pil-
cer, Andrew Silver, and Linda Stesney, subject: “June YTD AFG by analyst.xls,” July 5, 2001.
127. William May, email to Gus Harris, subject: “RE: BES and PEs,” January 12, 2006.
128. Yuri Yoshizawa, email to direct report managing directors, subject: “3Q Market Coverage-CDO,”
October 5, 2007.
129. Clarkson, interview.
130. McDaniel, interview.
131. Witt, testimony before the FCIC, June 2, 2010, transcript, pp. 456–57.
132. Moody’s Investors Service: Managing Director’s Town Hall Meeting, September 11, 2007, tran-
script, pp. 42, 51–52.
133. Witt, interview.