Das agências de rating…

Camarada Francisco Cluny,

O problema da resiliência na opinião das agências de rating é um problema que já tinha surgido com auditoras e não precisa de uma desculpa tão sofisticada como essa do delay de informação.

Quando no princípio da década se deu o escândalo da Enron envolvendo a então chamada Arthur Andersen (hoje chamada Delloite na maior parte dos países, depois de uma operação de fusão mal explicada), o estado americano resolveu criar um pacote de legislação para combater as fraudes contabilísticas e a cumplicidade entre auditores e administrações chamada Sarbanes-Oxley Act (SOX). Continue reading

The GDP and the Derivatives (II)

On a FB comment to my last post “The GDP and the Derivatives”, Armando Vieira(1) said more or less “I see your point, but you should understand their perspective.” Despite the obvious respect I have for those (remarkable) scientists that make me “understand” their perspectives, I should think that if I don’t agree with them, then my perspective must be different from theirs. Perspective in the sense that what they see is not what I’m seeing.

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The GDP and the Derivatives

Last Tuesday, 7, I went to a talk by Paul Embrechts (one of the guys who wrote this) in Lisbon, about risk measures. Well, for the physicists, applied mathematicians will always be a sort of “con artists” playing fast with math just to cover the assumptions that they don’t want to reveal, but Embrechts is very nice one. He seams to have a real passion for the subject and, as some people, he is not afraid to say that banking regulators are playing with our luck. With a couple of errors, though…

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