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8 Failed CEOs
By siliconindia
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Wednesday, 14 September 2011, 00:00 IST |
7 Comments
Raymond W. McDaniel, Jr.
Starting 2005, Raymond W. McDaniel became the chairman of credit rating agency Moody's. The agency's fortunes completely changed under McDaniel. From being one of the most well known credit rating agencies in U.S., it soon became a target of public criticism and law suits. A probe by the Senate Permanent Subcommittee on Investigations revealed that the firm used outdated models influenced by its clients, and it waited too long to downgrade investments as the collapse in the housing market intensified in the year preceding the financial crisis. Under McDaniel, the agency completely lost its brand value and is unlikely to regain.
