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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (34149)	4/12/2009 4:20:16 PM
From: Dale Baker	2 Recommendations Read Replies (1) of 78666

If gross negligence or even collaboration for fraud can be proven then I think a fraud case could be made. Negligence is not a crime under the First Amendment; only if you have an actual, direct fiduciary responsibility to one party in a contract can you have a liability for negligence. And there is no collaboration for fraud if you can't prove BOTH actual collusion and benefit from fraudulent transactions. This is a case of the classic line, "Face it, you f***ed up, you trusted us!" No other recourse out there under the law. Maybe a former ratings agency employee will write a tell-all book one day.

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