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And some ratings agencies would compete to be the one with the best reputation, which would lower the value of shopping around for substandard ones.
by nsxwolf 11y ago
And some ratings agencies would compete to be the one with the best reputation, which would lower the value of shopping around for substandard ones.
- Spooky23 11y agoWhy? The customer isn't the consumer of bonds, it's the underwriters and borrowers. By stamping shit debt as AAA, they were providing a wonderful level of service for their customers -- the bankers.
- pessimizer 11y agoOnly in the fantasy world where people have the time and expertise to evaluate the relative merits of hairdresser ratings agencies.