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vivian_zm · 2020年03月06日

问一道题:NO.PZ2016082405000090

问题如下:

Which of the following not a cause of the misalignment between investors,and rating agencies' incentives prior to the credit crisis of 2007-2009?

选项:

A.

Profit motive of the rating agencies.

B.

Pressure from the originators of securitized products.

C.

Manipulation of the ratings process by the originators.

D.

Investors' lack of understanding of the products they were purchasing.

解释:

D According to the findings of the congressionally formed Financial Crisis Inquiry Commission, the root causes of the misalignment were the flawed computer models at the rating agencies, the profit motive of the rating agencies, pressure from the originators, the drive for market share coming from the rating agencies, the rating agencies lack of provided (not available) resources to conduct the proper due diligence, and the absence of meaningful public oversight. A thorough post-audit of the crisis will also reveal that originators also manufactured the securitized products to specifically arrive at a rating given their acquired knowledge of the rating agencies’ decision flow charts.

请问老师这道题为什么不能选B?能解释一下选项吗,谢谢!

1 个答案
已采纳答案

品职答疑小助手雍 · 2020年03月06日

同学你好,本题问的是投资者和评级机构之间的利益冲突的原因,而D选项是次贷危机的原因。答案中前面一大段讲的是金融危机调查委员会发布的root causes

ABC都是他们之间的利益冲突(错误的评级坑投资者)情形:originator是评级机构的甲方爸爸,评级机构会有压力,不能完全保持独立客观,为了赚钱出卖良心(这句话基本算是描述了一遍ABC)