????“多年來,，道格的職業(yè)熱情及優(yōu)秀的個(gè)性使他成為許多人的良師益友,，”花旗銀行CEO吉恩?麥奎德在宣布彼得森離職的內(nèi)部備忘錄中如是寫道。
????花旗集團(tuán)于1985年聘用了剛剛獲得沃頓商學(xué)院MBA學(xué)位的彼得森,，然后他通過工作表現(xiàn)逐步獲得晉升，從阿根廷企業(yè)銀行部門客戶經(jīng)理職位晉升到哥斯達(dá)黎加區(qū)域經(jīng)理,，此后又曾擔(dān)任烏拉圭區(qū)域經(jīng)理。（在拉丁美洲工作期間,，他結(jié)識(shí)了阿根廷籍的妻子,，兩人育有兩個(gè)兒子。）1998年,，花旗集團(tuán)及旅行者集團(tuán)（Travelers）合并,，彼得森負(fù)責(zé)整合兩個(gè)集團(tuán)各自的審計(jì)團(tuán)隊(duì)。隨后,，他于2001年被任命為合并后的集團(tuán)首席審計(jì)師,。
????但是，彼得森是否能在標(biāo)普獲得成功還需要拭目以待,，這在很大程度上是因?yàn)樾庞迷u(píng)級(jí)行業(yè)正處于不斷變化之中,。即使他能幫助修復(fù)標(biāo)普公司的信譽(yù)，他仍須解決可能會(huì)拖延數(shù)年的政府調(diào)查及訴訟問題,。這些訴訟的結(jié)果可能會(huì)極大地改變評(píng)級(jí)機(jī)構(gòu)的行業(yè)格局以及它們因提供評(píng)級(jí)而要承擔(dān)的法律責(zé)任,。
????此外，監(jiān)管機(jī)構(gòu)及政界人士還正在設(shè)法清除相關(guān)法規(guī)中對(duì)使用評(píng)級(jí)的強(qiáng)制要求,，這對(duì)于標(biāo)普而言將是另一個(gè)改變游戲規(guī)則的舉措,。規(guī)定銀行及機(jī)構(gòu)投資者可持有以及持有多少固定收益證券的法規(guī)條例依賴于相應(yīng)證券的信用評(píng)級(jí)。只有全國認(rèn)定的評(píng)級(jí)組織（Nationally Recognized Statistical Rating Organizations）才能得到認(rèn)可,，其中穆迪（Moody's）,、惠譽(yù)（Fitch）及標(biāo)普更是占主導(dǎo)地位的全球性評(píng)級(jí)機(jī)構(gòu)，這一身份賦予它們偽監(jiān)管機(jī)構(gòu)的地位,，同時(shí)帶來了大量的客戶,，因?yàn)樗麄儽仨氂玫礁鞣N信用評(píng)級(jí)。（《紐約時(shí)報(bào)》（New York Times）專欄作家托馬斯?弗里德曼接受美國公共廣播公司（PBS）著名新聞主持人吉姆?萊赫爾的采訪時(shí)曾說,，,世界上有兩個(gè)超級(jí)大國——美國和穆迪,，這句話后來廣為流傳。）即使標(biāo)普卸任總裁德文?夏爾馬也對(duì)《財(cái)富》雜志稱，相關(guān)法規(guī)不應(yīng)強(qiáng)制規(guī)定評(píng)級(jí)的使用,。
????將評(píng)級(jí)從監(jiān)管系統(tǒng)中剔除會(huì)大大降低三大評(píng)級(jí)機(jī)構(gòu)對(duì)華爾街的影響和權(quán)力,，并可能損害它們的盈利能力。但諸如紐約大學(xué)斯特恩商學(xué)院（NYU's Stern School of Business）教授拉里?懷特等評(píng)級(jí)機(jī)構(gòu)觀察人士指出,，目前離這種大刀闊斧的改革還相當(dāng)遙遠(yuǎn),。
????雖然彼得森接手標(biāo)普后面臨的局面困難重重，但這次跳槽有望為他贏得非常豐厚的回報(bào),。麥格勞-希爾集團(tuán)的現(xiàn)任CEO泰瑞?麥格勞已經(jīng)是62歲的高齡,，但集團(tuán)目前尚未公布任何繼任方案——甚至連推測也沒有。彼得森有望成為其接班候選人,。畢竟,，他即將執(zhí)掌該集團(tuán)最賺錢的評(píng)級(jí)部門，而且曾在一家龐大的集團(tuán)里擁有豐富的管理經(jīng)驗(yàn),。
????此外,，賈納對(duì)沖基金及安大略教師養(yǎng)老基金正在強(qiáng)烈要求麥格勞-希爾集團(tuán)分拆成四個(gè)獨(dú)立的業(yè)務(wù)公司：教育、媒體,、股票指數(shù)及信用評(píng)級(jí),。倘若標(biāo)普按業(yè)務(wù)分拆成幾家獨(dú)立公司的話，彼得森將從備受尊重的部門主管一躍成為華爾街一家獨(dú)立,、極具影響力而且盈利豐厚的公司的CEO,。（麥格勞拒絕接受如此重大的改革方案。）如果于2000年從鄧白氏公司（Dun & Bradstreet）分拆出來的穆迪能提供些許借鑒的話,，那么標(biāo)普公司股東有望從分拆中獲益,。穆迪首次公開募股（IPO）一年后，股價(jià)上漲近40％,。五年之后,，該股股價(jià)已經(jīng)上漲至原來的三倍。穆迪高管持有的股票期權(quán)價(jià)值猛增,，個(gè)個(gè)賺得盆滿缽溢,。
????譯：iDo98 |
|
|
????"Doug's enthusiasm and great nature have made him a mentor and friend to many over the years," Gene McQuade, the CEO of Citibank, wrote in an internal memo that was circulated announcing Peterson's departure.
????Citi hired Peterson in 1985, fresh from Wharton's MBA program, and he worked his way up from corporate banking role in Argentina to country manager in Costa Rica and then Uruguay. (He met his Argentinean wife, with whom he has two sons, while working in Latin America.) After Citicorp and Travelers merged in 1998, Peterson oversaw the integration of their respective audit teams. He was then appointed chief auditor of the combined group in 2001.
????But whether Peterson will be a success at S&P is still up for grabs, in large part because the business is in flux. Even if he can help repair S&P's credibility, he must work through investigations and lawsuits that could drag on for years. The results of these legal actions could greatly change the landscape for ratings agencies and their legal liabilities vis-a-vis ratings.
????Regulators and politicians are also working to take ratings out of regulations, which would be another game changer for S&P. Rules governing the fixed income securities that banks and institutional investors can hold, and in what amounts, rely on credit ratings. And the only ratings that count are those from Nationally Recognized Statistical Rating Organizations (NRSROs), of which Moody's, Fitch, and S&P are the dominant global firms, giving them a pseudo-regulatory role and a sea of customers who must use ratings. (New York Times columnist Thomas Friedman famously told Jim Lehrer that there were two superpowers in the world -- the United States and Moody's.) Even S&P's outgoing president Deven Sharma told Fortune that regulations should not mandate the use of ratings.
????Taking ratings out of the system could greatly decrease the power and influence that the big three ratings firms have over Wall Street, and possibly impair their earnings power. But that sort of mass overhaul still seems a long way off, points out ratings watchers like Larry White, a professor at NYU's Stern School of Business.
????While Peterson is inheriting a difficult situation at S&P, the move could prove very lucrative for him. No succession plan has been announced, or even speculated upon, for McGraw-Hill's 62-year-old CEO Terry McGraw. It is possible that Peterson would be a possible successor. After all, he would be running the company's most lucrative division, and has a broad array of managerial experience at a massive organization.
????Moreover, Jana and Ontario Teachers are pushing for a break up of McGraw-Hill into four separate businesses: education, media, indexes, and ratings. If S&P is spun off, Peterson would suddenly rise from respected division head to the chief executive of a standalone, influential, and highly profitable Wall Street firm. (McGraw has balked at the idea of so drastic a move.) If Moody's, which was spun out of Dun & Bradstreet in 2000, is any indication, S&P shareholders could stand to reap the benefits of a split. Moody's shares rose nearly 40% a year after their initial public offering. Five years later, the stock had tripled. The value of executive stock options soared, enriching executives. |
