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Reply #77: Blinking, schminking [View All]

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Home » Discuss » General Discussion: Presidency Donate to DU
alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-22-10 07:39 PM
Response to Reply #74
77. Blinking, schminking
Edited on Thu Jul-22-10 07:46 PM by alcibiades_mystery
The SEC can't permanently waive ratings for ABS. And the ratings agencies wouldn't want them to do that anyway, since that's a significant portion of their business: no ratings requirements, no business. The SEC explicitly call this a "transition period." And it makes perfect sense that the ratings agencies be given time to get their legal departments up to speed on the implications of possible litigation.

This is actually good news, since its basic premise is that the liability exemption is over and done with. In any case, it would take a NEW law to repeal the repeal of the exemption. The regulators are not empowered to do that.
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