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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (34147)	4/12/2009 1:04:16 PM
From: Dale Baker	Read Replies (2) \| Respond to of 78660

The ratings agencies are financial media outlets that offer opinions for a fixed fee and have no material interest in the transactions that result from their opinions. As such, they are impossible to sue. The financial institutions were dumb enough to believe bad opinions and act on them. You'll find that legally, they were the ones with the fiduciary responsibility to investors, not the ratings agencies. That doesn't mean the ratings agencies weren't awful. But have you seen anyone try to sue them yet? They know it won't get past summary judgment.