Bill Ackman of Pershing Square Capital Management gave this presentation at the May 2010 Ira Sohn conference. He also gave an excellent presentation on General Growth Properties (GGP), though that presentation is not included here. This ratings agency pitch provides his assessment of how to "save" the ratings agencies (Moody's, S&P, Fitch) by modifying their incentive structure and limiting their ability to consolidate power. Having read Christine Richard's book on Ackman's justified holy jihad against the monolines (MBIA in particular), I understand why the man hates him some ratings agencies. Over and over, he gave the NRSROs detailed warnings that the monolines (which were misrated AAA) were ticking timebombs, and over and over the agencies listened and then promptly ignored him (largely due to their own perverse incentives).
Go get 'em, Bill.
Wait to Rate - Bill Ackman Presentation on Ratings Agencies - Ira Sohn - May 2010