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  • Wall Street Breakfast: Must-Know News [View article]
    Why are the rating agencies allowed to exist? Their central (only?) purpose is to evaluate securities so that purchasers can know how much risk they are taking. They totally blew it on mortgage backed securities, yet the administration's regulatory reform proposals ignore them. The solution is easy - just return to the practice prior to the 90s of having those buying the securities add a small fee for the rating agencies, putting the cost where the benefit goes rather than having the sellers shop for a good rating. If the government won't force change in this swamp, perhaps class action law suits will. (That said by a guy who hates attorneys.)
    Sep 03 12:11 pm |Rating: +2 0 |Link to Comment
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