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December 28, 2009
Liability for credit rating agencies
A WSJ editorial takes note of changes in the language of a Barney Frank bill: Also removed from the bill was a bizarre "joint liability" scheme in which all the credit raters would be responsible for each other's work, so that a bad report by Fitch could be grounds for a lawsuit against Moody's. Unable to restrain themselves entirely from bestowing gifts upon trial lawyers, House Democrats have instead increased liability for the raters on their own work.
Posted by Walter Olson at 10:28 AM
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