The skepticism with respect to ratings is likely forever damaged, since everyone knows bankers aren't held liable for their actions. On paper, Dodd Frank may ha

The skepticism with respect to ratings is likely forever damaged, since everyone knows bankers aren't held liable for their actions. On paper, Dodd Frank may have changed, but if bankers hand out rosy, inaccurate ratings -- we know there will be no liability. There is no reason to trust ratings. But accurate ratings are an essential part of the financial system.