As we continue the blame game of the GFC, litigation is coming along nicely in the US, with investors taking aim at the credit rating agents who handed out gold stars to financial institutions that were more deserving of steaming pile of doggy-doo ratings.
Keep in mind that these credit rating agencies don't just rank companies, they also rank countries and states.
It's okay though: turns out that they're in the business of offering nothing more expert or valuable than opinion, running commentary, editorial at a price.
That's their legal defense.
These guys are still in the business of offering opinions that they will legally defend under the US First Amendment protection. (Meanwhile, many financial institutions are required by law to rely on ratings.)
And again - I am so in the wrong business.
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A matter of opinion?