CFO ?????

1
???? ????? ?? ????? ??????? ??????? ????????

• CFO ?????
• ????? 2009
• ?? ????
• ?????? ?? ?????? ?????? ???????

2
???? ?????? ????"?

• ????? ?????? ??? ??? ??????? ?????????, ?????
  ???????? ??? ????? ????.
• ????? ??? ???? ????? ????"? ???? ???? ??????,
  ????? ??????? ?????? ????"? ?????? ????.
• ?? ??? ???? ?????? ??????? ???????? ??????
  ??????, ????? ??? ?????? ????? ???? ???????
  ????????? ????????.
• ??????? ??????? ?? ???? ????? ?? ????? ????????
  ???????? ???? ??????? ?????? ?????, ????? ??
  ??????? ????? ???????? ???? ???????? ???????
  ?????.
• ?????? ????? ??? ???? ????? ??? ?????? ?????
  ????? ?????? ????? ???????? ?????, ??? ?????
  ??????? ??????? ?????? ???? ????? ???????? ????,
  ?????? ?????? ??????? ????? (???????, ??????
  ???,,Credit Suisse UBS ????).

3
??????? ?????

• ?????? ??????, ????? ????? ??? ?????, ????? ????,
  ????? ???????? ??????? ????????
• ????? ???????? ???????? ??? ?????? ???????
  ????????? ???? ??????? ???? ????? ????? ????
• ???? ??????? ?????? ?????, ??? ????? ???? ??????
  ????? ???????? ?????? ?"? ??????
• ???? ?????? ??? ????? ???? ???????? ??????
  ??????? ??????? ??????

???? ???? ?? Bill Gross ?????? ???? ?? ???? PIMCO
4
??????? ?????? ??????
5
???? ?????? ????????

• ?????? ???????? ??????? ??????? ????? ???????
  ????? ???? ????? ?? ????? ??? ????? ?????? ????
• ????? ?? ??? ????? ?? ?? ????? ???? ????? "??????
  ??????? ??????" 1) ???? ???? ????? ?? ???????
  ??????????? ??????? ?????? ?? ?????
• ????? ????? ?? ??? ????? ????? ?????????? ???????
  2) ???? ?????? ???? ????? ?? 11 ????? ????? ?????
  ?????? ?????? ??????, ??????? ?? ????, ????
  ?????? ?????. ???"? ???? ???? ??????? ????? ????
  ???? ???????? ??????? ?? ??????? ???????? ??????.
• ?????? ????? ?? ?????? ?? ???????? ??????
  ???????? ?????
• ???? ????? ?? ??? UBS 3)
• ????
• Report of the Financial Stability Forum on
  Enhancing Market and Institutional Resilience,
  April 2008
• Senior Supervisors Group, Observations on Risk
  Management Practices during the Recent Market
  Turbulence
• Summary of the Remediation Plan in Response to
  Issues Outlined in the Shareholder Report

6
????? ??????? ??????

• ????? ?????? ??????? ??????? ???? ??????
• ????? ???? ?? ????? ????? ??????? ???? ??????
• ????? ??????? ?? ???????, ???? ??????
• ????? ???? ??????, ?????? ?????? ????????? ????
  ??????

7
????? ??? ?????? ????? ????? ????????

• ????? ??????? ??????? ???, ???? ?????? ?? ?????
  ???? ????????
• ???? ?????? ??? ?????? ?????? ????? ????? ??????
  ????? ??????? ??????? ?????? ???? ????? ?? ?????
  ???????
• ????? ?? ???????? ????? ??????? ?????? ?????
  ?????
• ????? ????? ???????? ?????? ????? ??? ??????
  ?????? ???? ??? ?????? ?? ????????, ??? ??????
  ???? ??? ???? ???? ???? ????? ?? ????? ???????
  ?????? ???? ??????
• ???? ?????? ??? ????? ??????? ???? ???????? ?????
  ????????, ?????? ??????? ?????, ????? ??? ??????
  ???? ?????? ????? ??? ?????? ????? ????? ???????

8
??????? ?? ????? ???????

• ??????? ?????
• ???? ?????? ???? ?????
• ???? ?????? ????? ????????
• ????????? ?? ?????? ???????? ?????
• ?????? ?????? ?? ??????? ??? ????? ??????? ??????
  CDO

9

• ???? ???

10
?????

• ????? ????? ?????? ????? ????????? ?????????
• ???? ????? ??????, ??????? ?????? ????? ????
  ???? ??????
• ???????? ???????? ?? ????? ???????? (?????
  teaser, ????? ????)
• ?????? ?????? ?? ??????? ??? ????? ??????? ??????
  CDO

11
?????? ?? ???????? ??????

• ???????? ?? ?????? ???????? ?????? ????? ?????
  ????? ??????? ??????? ?? ??????? ???? ??? ?????.
  ?????? ????? ??????? ?? ?? ???? 2, ??? ????? ????
  ?????? ???? ????? ????? ?????? ????? ?????? ??
  ????? ????? ??????? ????? ??? ????? ????? ?????.
• ?????? ?? ???????? ?????? ???? ?????? ?"? ?????
  ?????????? ?????. ?????? ???????? ??? ??????
  ???"??? ?? ????? ???"? ????????? 1( ??? ????
  ???? 2) ??
• ????? ?? ????? ????? ???? ????? ????? ?????
  ????? ?????? ????? ?? ??????.
• ????? ?????? ?????? ????? ?? ????? ?????
  ???????? ?? ?? ????? ????? ?? ????? ??????? ????
  ???????. ????? ?? ???? ?? ???? ?????? ???? ??????
  ?????? ????? ?? ?? ????.
• ????? ?????? ?????? ??? ????? ????? ???? ?????
  ?????? ????? ?? ?????? ???????, ???? ??????
  ???????? ?????? ???? ?????, ?????? ????????
  ?????? ????-??????, ????? ????? ????? ??? ?-
  originators, servicers.
• ????? ?????? ?????? ???? ?????? ????? ?????
  ???????, ???? ????? ????????? ?? ???? ?????? ??
  ??????, ?????? ???????? ????? ???, ???????? ?????
  ????????? ???'.
• ????? ?????? ?????? ???? ?? ?????? ??????? ???
  ????? ?????? ????????.
• Summary Report of Issues Identified in the
  Commission Staffs Examination of Select Credit
  Rating Agencies, July 2008
• Ratings in Structured Finance What went wrong
  and What Can Be Done to Address Shortcomings,
  July 2008