This is in response to the March 26 article about the Holocaust memorial proposed for Niskayuna’s Route 7.While the proponents of this memorial are to be commended for bringing this issue to the public domain, their proposed execution appears to be misdirected. By erecting a death camp gate, a wall, a symbolic oven, and a transportation box car, they are memorializing the tools of the perpetrators instead of focusing on and memorializing the Holocaust victims.Would it not be more appropriate to erect a memorial to these nameless victims? They have no graves or tomb stones; they are forgotten. A simple memorial, with the names of the death camps, since no one is certain in which they perished, would be good. Since there are a number of Capital District residents who have relatives who perished in the Holocaust, a listing of their names on this memorial would be a solemn tribute and connect to the region.Why am I writing this letter? My grandparents and many uncles, aunts and cousins, whom I knew in the 1930s, were deported to a death camp in 1942, according to published deportation lists. So I do have a valid reason to weigh in. I respectfully ask the Niskayuna Town Board and the proponents of this memorial to consider the above.Erwin FriedRexfordMore from The Daily Gazette:EDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Find a way to get family members into nursing homesSchenectady, Saratoga casinos say reopening has gone well; revenue down 30%Foss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Urgent: Today is the last day to complete the census Categories: Letters to the Editor, Opinion
ESMA’s research found that CRAs were not ensuring that the due diligence underlying issuances was obtained prior to rating the instruments, something the supervisor said prejudiced a rating agency’s ability to conclude whether information on those assets was of “sufficient quality”.“ESMA also noted that, while some CRAs have enhanced the process of collecting such due diligence or third party assessment for new ratings, the same information is not always available for outstanding ratings issued before the entry into force of the [CRA] Regulation.”The supervisor suggested that disclosures on the assessment of the quality of information underpinning issuances be made as each rating was issued.A spokeswoman for Fitch told IPE that it had reviewed the review’s findings of residential mortgage-backed securities (RMBS) with interest.“While we are confident that our policies and procedures are robust and meet regulatory standards, we will continue to co-operate fully with ESMA,” she added.A spokeswoman for Moody’s added: “Moody’s continuously strives to improve its strong analytical processes. We will review our policies and procedures and adjust as appropriate.”Asset-backed securities, such as RMBS and commercial mortgage-backed securities (CMBS), have been controversial in the wake of the credit crisis, which saw a number of large pension investors suffer losses and subsequently sue a number of banks over their holdings.Dutch civil service scheme ABP in late 2013 settled with Credit Suisse and Morgan Stanley over alleged mis-selling of RMBS.The European Commission has recently said it would like to see renewed growth in the European securitisation market in order to stimulate lending to small firms.Read more about the European Central Bank’s attempts to grow the asset-backed securities market in a recent issue of IPE,WebsitesWe are not responsible for the content of external sitesLink to ESMA’s investigation into structured finance ratings Credit ratings agencies’ assessment of structured finance instruments is, at times, unsatisfactory and must be improved, Europe’s markets supervisor has insisted.The European Securities and Markets Authority (ESMA) examined the procedures employed by four large credit ratings agencies (CRAs) – DBRS Ratings, Fitch, Moody’s Investors Services and Standard & Poor’s – and said it found shortcomings in the way the underlying data was reviewed.Steven Maijoor, chairman of ESMA said that the high volume of structured finance instruments and the renewed interest in securitisation, partially stemming from the European Commission, made its nearly year long investigation timely.“All registered CRAs should take note of the problems identified and ensure that they properly incorporate the requirements and objectives of the CRA Regulation into their working practices in order to ensure the quality of credit ratings and maintain investor confidence,” he added.