David Harper

My Problem with Cuomo Going After Ratings Agencies

Weak argument. The issue is whether the work product and methodology justified the fees, or if not, constituted a professional negligence. This can't be decided at the superficial level of your argument: clearly, at some hypothetical extreme, taking fees for inappropriate ratings would be actionable. The problem is that, in regard to structured products, the rating agencies *clearly* applied dubious model practices to insubstantial datasets - I don't know the legal implications, but it's worse than you make it sound. David Harper, bionicturtle.com