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Wait to Rate - Bill Ackman Presentation on Ratings Agencies - Ira Sohn - May 2010

Wait to Rate - Bill Ackman Presentation on Ratings Agencies - Ira Sohn - May 2010

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Published by Terry Tate Buffett
Bill Ackman of Pershing Square Capital Management gave this presentation at the May 2010 Ira Sohn conference. It provides his assessment of how to "save" the ratings agencies (Moody's, S&P, Fitch) and more. Read more about the conference here: http://investmentlinebacker.blogspot.com/2010/05/ira-sohn-recap.html
Bill Ackman of Pershing Square Capital Management gave this presentation at the May 2010 Ira Sohn conference. It provides his assessment of how to "save" the ratings agencies (Moody's, S&P, Fitch) and more. Read more about the conference here: http://investmentlinebacker.blogspot.com/2010/05/ira-sohn-recap.html

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Published by: Terry Tate Buffett on Jun 03, 2010
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Wait to Rate:How To Save The Rating Agencies(and the Capital Markets)
May 26, 2010 
Pershing Square Capital Management, L.P.
 
1
Disclaimer 
The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained inthis presentation are based on publicly available information. Pershing Square recognizes that there may beconfidential information in the possession of the companies discussed in the presentation that could leadthese companies to disagree with Pershing Square’s conclusions. This presentation and the informationcontained herein is not a recommendation or solicitation to buy or sell any securities.The analyses provided may include certain statements, estimates and projections prepared with respect to,among other things, the historical and anticipated operating performance of the companies, access to capitalmarkets and the values of assets and liabilities. Such statements, estimates, and projections reflect variousassumptions by Pershing Square concerning anticipated results that are inherently subject to significanteconomic, competitive, and other uncertainties and contingenciesand have been included solely forillustrative purposes. No representations, express or implied, are made as to the accuracy or completeness ofsuch statements, estimates or projections or with respect to anyother materials herein. Actual results mayvary materially from the estimates and projected results contained herein.Funds managed by Pershing Square and its affiliates have invested in long and short positions in varioussecurities and financial instruments. Pershing Square manages funds that are in the business of activelytrading –buying and selling –securities and financial instruments. Pershing Square may currently or in thefuture change its position regarding any of the securities it owns. Pershing Square reserves the right to buy,sell, cover or otherwise change the form of its investment in any company for any reason. Pershing Squarehereby disclaims any duty to provide any updates or changes to the analyses contained here including,without limitation, the manner or type of any Pershing Square investment.
 
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The Context
Where they have failedWhat they do well
Rating agencies overstated theratings of structured financesecurities and bond insurerslike MBI, ABK, FNM, FRE andAIG
Rating agencies are generallygood at rating the debts of corporate issuers
Various proposals have been floated to address the problem. As currentlyproposed, we believe that none will succeed as comprehensive reform
Rating agencies were material contributors to the credit crisis astheir inaccurate ratings allowed for the issuance of trillions of dollars of securities and derivatives which generated trillions of dollars of losses globally

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