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  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2010-05-26 00:00:00",
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      "text": "The combination of increased buyside due diligence coupled with mitigation of conflicts of interest and a new payment scheme can restore the integrity of ratings",
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      "text": "The steps toward regaining confidence are deceptively simple: Exclude the NRSRO rating agencies from the initial offering and underwriting process; Create incentives for fundamental research and valuation analysis by investors; Create the market opportunity for “Investor Pays” research and ratings to develop; Create a payment regime that focuses on NRSRO performance and the quality of their ratings over time and aligns their interest with investors",
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