http://www.nakedcapitalism.com/2007/06/more-on-rating-agencies-and-risk-in.html Mon, 23 Nov 2009 12:52:40 -0500 http://wordpress.org/?v=2.8.4 hourly 1 http://www.nakedcapitalism.com/2007/06/more-on-rating-agencies-and-risk-in.html#comment-125 Steve Diamond Tue, 26 Jun 2007 17:51:00 +0000 http://www.nakedcapitalism.com/2007/06/more-on-rating-agencies-and-risk-in-the-mortgage-market/#comment-125 Unfortunately, the ratings agencies know that the mood of the SEC and the federal courts is strongly against interpreting liability under the securities laws to include so-called secondary players like ratings agencies, lawyers, accountants, etc. Even the underwriters got off lightly recently in the anti-trust lawsuit that was heard by the Supreme Court. Today's hearings in the House about the SEC might touch on the issue. Unfortunately, the ratings agencies know that the mood of the SEC and the federal courts is strongly against interpreting liability under the securities laws to include so-called secondary players like ratings agencies, lawyers, accountants, etc. Even the underwriters got off lightly recently in the anti-trust lawsuit that was heard by the Supreme Court. Today’s hearings in the House about the SEC might touch on the issue.

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