Standard & Poor’s Former Credit Chief Adelson Joins BondFactor
Mark Adelson, Standard & Poor’s former chief credit officer who left in August after being demoted last year, was hired by BondFactor Co., a municipal debt insurance startup.
Adelson joined the company as chief strategy officer and started today, he said in an e-mailed statement. BondFactor “plans to offer a municipal bond guaranty,” according to the company’s website.
After helping overhaul S&P’s methods for rating governments, banks and bonds backed by assets such as mortgages, Adelson was reassigned to a research role in December 2011. He left the company in the last week of August this year, Catherine Mathis, a spokeswoman for S&P, said at the time.
Adelson was hired in 2008, after S&P’s inflated ratings for risky mortgage bonds contributed to the worst financial crisis since the 1930s. The company’s analysts were pressured to give their stamp of approval to complex investments to win lucrative business from Wall Street banks, the U.S. Senate Permanent Subcommittee on Investigations said in a report last year.
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