Video archive of the US Congress

House Proceeding 12-10-09 on Dec 10th, 2009 :: 0:49:55 to 0:52:10
Total video length: 3 hours 30 minutes Stream Tools: Stream Overview | Edit Time

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Michael E. Capuano

0:49:51 to 0:50:11( Edit History Discussion )

Michael E. Capuano: simple thing. you want to make the bad ratings and don't want to follow your own plans, if you want to put at risk inv the consequences and pay for your oss negligence. this is an integral part of this amendment and absolutely essential. the has expired.

Michael E. Capuano

0:49:55 to 0:52:10( Edit History Discussion )
Speech By: Michael E. Capuano

Michael E. Capuano

0:50:12 to 0:50:33( Edit History Discussion )

Michael E. Capuano: the gentleman from new jersey. mr. garrett: i reserve. mr. sherman: does the gentleman from new jersehave only one more speaker? i yield two minutes to the the the chair: the gentleman from massachusetts is recognized for two minutes. mr. capuano: ladies and gentlemen, this amendment is actually quite simple as mr. kanjorski said it is essential

Michael E. Capuano

0:50:34 to 0:50:54( Edit History Discussion )

Michael E. Capuano: to this bill. without this particular amendment, credit rating agencies will not be held accountable for anything they do, simply put. the s.e.c. has failed to do anything and any limited action is limited by the first amendment. they have got a decision in the courts of law that their

Michael E. Capuano

0:50:55 to 0:51:16( Edit History Discussion )

Michael E. Capuano: provisions, that their have been protected by the first amendment. you cannot sue them. all this does and it is a very high standard, it holds them to the same standards with respect to knowledge and recklessness as everybody else. if they know what they're saying is bad or they know it is wrong, they should be held accountable.

Michael E. Capuano

0:51:17 to 0:51:38( Edit History Discussion )

Michael E. Capuano: if they are reckless by no looking at an accounting report, they should be held accountable. that's all this does. it is a pretty high standard. i would like it a little lower, because i have a lot of trial atrneys that need the work. kanjorski said is 100% right. all american economy, a minor little

Michael E. Capuano

0:51:39 to 0:52:00( Edit History Discussion )

Michael E. Capuano: thing. and we have to go back many, many years. tell me the last time that a credit rating agency was held accountable for giving a aaa ratin enron, junk bonds, credit default swaps, credit default options squared. they're never held accountable. all this says is they have to

Michael E. Capuano

0:52:01 to 0:52:10( Edit History Discussion )

Michael E. Capuano: actually look at the books. they have to use anything they know and they cannot be reckless about it. that's all it says. it doesn't say they're hel accountable if they're wrong,

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