Yves Smith has an 8 December 2009 post at her Naked Capitalism about rating agency non-Reform which I generally agree with, link: http://www.nakedcapitalism.com/2009/12/non-reform-of-rating-agencies.html. I oppose creating a rating agency PCAOB. If created, it would be as successful at improving ratings as the PCAOB has been at improving the Big 87654's work, i.e., not at all.
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The system is frozen in place... litigation is about the only meaningful reform.
Congress is lost. All the financial reform issues are getting little tweaks and patches.
Geithner, Bernanke and Summers keep this lame pony stumbling along. And the raters are just part of the mirage.
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