User:Nick Gardner /Sandbox

only 29% of bond fund managers believe the NRSRO's updated their ratings in a timely manner. '

Virginia Polytechnic Institute & State University

Sattar A. Mansi American University - Kogod School of Business

1. Enron was rated investment grade by the NRSRO's four days before bankruptcy;

1. The California utilities were rated "A-" two weeks before defaulting;

1. WorldCom was rated investment grade three months before filing for bankruptcy;

1. Global Crossing was rated investment grade in March 2002 and defaulted on loans in July 2002;

1. AT&T Canada was rated investment grade in early February 2002 and defaulted in September 2002; and

1. ABB was rated "A2" by Moody's as of March 14th 2002 and was rated "Ba2", negative watch as of October 31, 2002. Similarly, S&P rated ABB at "A+" as of March 14th, 2002 and "BBB-", negative watch as of November 5 th 2002.

S Failures

Enron November 2001 Orange County California, Mercury Finance, Pacific Gas & Electric, Enron, WorldCom, Delphi, General Motors and Ford.

FINANCIAL GATEKEEPERS: CAN THEY PROTECT INVESTORS?, Yasuyuki Fuchita, Robert E. Litan, eds., Brookings Institution Press and the Nomura Institute of Capital Markets Research, 2006 San Diego Legal Studies Paper No. 07-46