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Reply #66: There is no "blink" in any case [View All]

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alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-22-10 07:04 PM
Response to Reply #63
66. There is no "blink" in any case
Edited on Thu Jul-22-10 07:06 PM by alcibiades_mystery
The SEC statement clearly describes the six-month period as a "transition period" precisely because the exemption from liability is finished, over, and done with. Barring a new law that repeals the repeal, as it were, the thing is happening. Indeed, the exemption from liability is dead as of now. The SEC statement waives ratings requirements for six-months, but any rating given will still be liable, and some buyers may actually demand ratings, or may have internal policies that require ratings, regardless of SEC requirements for this class of debt securities. girl gone mad wants to portray this as a showdown and some "blinking" so she can avoid the obvious: this is good policy that goes to at least one of the major issues of the collapse. Why shouldn't ratings agencies - which have become as important as auditors - have the same liability status as accountants? The law says: THEY SHOULD, and that's absolutely correct. And now they do. Since it is axiomatic for ggm that no policy coming from this administration or Congress could possibly be good, she has to find some way to get around it here, and the narrative of the "showdown" and the "blink" is her way of doing that. It's thoughtless nonsense, to say the least.
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