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Lessons Learned: Eric Kolchinsky

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Eric Kolchinsky served as managing director of ratings for ABS CDOs (asset-backed security collateralized debt obligations) at Moody's Investor Services from 2005 to 2007. Kolchinsky started his career in structured finance with stints at Goldman Sachs and Merrill Lynch. He joined Moody's in 2000 as vice president for credit. In 2007, after Kolchinsky raised questions concerning the ratings of new deals in light of subprime downgrades, Moody's removed him from his client-facing position. Kolchinsky supervised methodology for structured finance valuations at Moody's Analytics for two years, before Moody's suspended him altogether in 2009. Separated from Moody's, Kolchinsky testified before Congress about fraudulent rating agency practices and conflicts of interests. Since 2009, Kolchinsky has served at the National Association of Insurance Commissioners (NAIC), where he is presently director of structured securities and capital markets. This Lessons Learned summary is based on an interview with Kolchinsky.

Suggested Citation

  • Lieber, Matthew, 2022. "Lessons Learned: Eric Kolchinsky," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 4(1), pages 429-434, April.
    • Handle: RePEc:ysm:ypfsfc:411717
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1273&context=journal-of-financial-crises
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    Keywords

    asset-backed security collateralized debt obligations (ABS CDO); derivatives; Global Financial Crisis (GFC); Moody's Investor Services; National Association of Insurance Commissioners (NAIC); ratings agency; residental mortgage-backed securities; structured finance; subprime CDO; Wall Street;
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    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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