{
  "docId": "019dd923-622c-750b-8b9b-4fb1214128dc",
  "docSlug": "f89da16be550",
  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "other",
  "documentKindLabel": "Other",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-05-26 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 12,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "problem_statement",
  "function": "frame_problem",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-4fb1214128dc/5",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-4fb1214128dc#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.085,
        "w": 0.833,
        "x": 0.083,
        "y": 0.218
      },
      "kind": "callout",
      "text": "Regulators and investors with ratings-based mandates have been ill-served by the NRSROs before and throughout the credit crisis",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9081370b-c968-45ee-9cae-514ae42581b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.415,
        "w": 0.833,
        "x": 0.083,
        "y": 0.363
      },
      "kind": "list",
      "text": "Rating agencies have failed to meet expectations:\nAct as Underwriters – in substance, have acted as part of the underwriting team for new issues\nAre Slow to Downgrade – are incentivized to keep ratings stable so new issues can continue to be sold and rated\nAre Loath to Pass Judgment on Themselves – did initially forbear from downgrading financial guarantors (e.g., MBI, ABK, FNM, FRE, AIG), as simultaneous downgrades would be triggered on thousands of other securities, putting NRSROs in the uncomfortable position of questioning their own prior ratings",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ef86de4-2fda-4829-a76d-3e195d37366d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.465,
        "x": 0.083,
        "y": 0.135
      },
      "kind": "title",
      "text": "What Are the Principal Problems? (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c97f160-5d8c-47cb-93d9-f2f17c8daeb3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "6f5aa59b-3e92-427d-855b-76e97dab8446",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document presents a clear problem statement and complication on pages 3-5.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 3,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3bd9c3c5-c403-4315-be1b-4e80a37cb349",
      "evidence": "The document emphasizes the importance of reforming rating agencies on pages 3-5.",
      "position": 0,
      "objective": "Highlight the costs of inaction in rating agency reform",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}