October 29, 2009

Who Should Really Be In Prison?

Under Attack, Credit Raters Turn to the First Amendment
With help from two of the most storied constitutional lawyers in the country, the raters have successfully argued that when they make a mistake -- say, awarding the top triple-A grade to a multibillion-dollar bundle of bonds that later default -- they cannot be sued or held accountable.

That's because ratings are opinions, the agencies claim, protected by the constitutional right to free speech.


1 comment:

Bukko_in_Australia said...

If that argument holds, then every crooked corporate director can breath a sigh of relief when they announce "We will book a $10 billion profit next year" when they know they're in for a $10 B LOSS. Freedom of speech, baybee! Nobody said it only applies to the TRUTH...

But seriously, lawyers always try bullshit ploys in court filings. Either they have immense balls to do this, or a totally tin ear, or (here's the ominous one) they know that the fix is in (perhaps at the U.S. Supreme Court level) and they'll be allowed to get away with that.

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