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To: Spekulatius who wrote (34163)	4/13/2009 12:28:03 PM
From: Dale Baker	Respond to of 78666

I don't have a legal background but I remember when this question first came up, I was shocked to find out the ratings agencies were not a regulated part of the investment advisory world. It's a very stupid system. Actually there is a case for negligence under the guise of free speech, which is shouting fire in a crowded theater to stampede the patrons, or any extreme act deliberately aimed at inciting panic that could lead to damage. But that would be hard to prove here since the ratings agencies just used sloppy work to facilitate a bubble. If they had pumped things up then suddenly changed most of their ratings overnight (or vice versa) then plaintiffs and prosecutors might look more closely at some kind of action.