Jul. 21, 2022
Dear Ms. Countryman and Ms. Muti, This delivering email and the attached six documents collectively form my joint submission to the U.S. Securities and Exchange Commission and to the SEC-regulated credit rating company Moody's Investors Service. The joint submission constitutes: (1) My petition for the U.S. Securities and Exchange to ban the flip clause in the United States of America; and (2) My response to Moody's Investors Service regarding its Request for Comment "General Principles for Assessing ESG -- Structured Finance Annex" of June 6, 2022. My response exhorts Moody’s Investors Service to neutralize the flip clause globally by amending its proposed ESG methodology for structured finance. Here’s why joint action by both the SEC and Moody’s is necessary. The SEC regulates certain providers of a swap with a flip clause, whereas Moody’s assigns structured finance ratings to most structured finance transactions globally that are or can be end-users of a swap with a flip clause. The joint submission copies the respective supervisory offices for credit rating companies at the SEC, the European Securities and Markets Authority, and the UK Financial Conduct Authority. The regulators knowingly greenlight credit rating companies to deceive the public and undermine economic efficiency by relentlessly purveying flip clause misinformation. As a result, credit rating companies continuously adulterate credit rating methodologies, inflate credit ratings, and vitiate credit rating announcements by infesting them with flip clause falsehoods. By operation of law and of policy, the SEC must either make the joint submission publicly available on the “Petitions for Rulemaking Submitted to the SEC” tab or immediately inform me as to why not. I have re-submitted the petition several times since January 17, 2022, to perfect it to SEC requirements. I also provided Moody’s with the joint submission via its “Request for Comment“ page on July 21, 2022, at 8:20 pm EDST. I insist that Moody’s make the joint submission publicly available via an operational link on the same tab. In the past, Moody’s has blocked access to my critiques of its ESG methodologies by assigning them inoperative links. Best regards, -- Bill Harrington Senior Fellow Croatan Institute
(Attached File #1),
URL to copyright material: https://www.debtwire.com/intelligence/view /2123516
URL to copyright material: https://www.debtwire.com/intelligence/view /2149003,
(Attached File #4),
Redacted copyright material,
URL to copyright material: https://www.debtwire.com/intelligence/view /2232424