If the second is true there is no reason why Calpers could sue them, and if the first is true they should be sued into obliviion by the entire world for enabling the blasting of a $13 trillion hole in the fabric of the universe. Peak oil is not an energy crisis. It is a liquid fuel crisis.
The ratings agencies claim that their ratings are only advisory.
Flawed Credit Ratings Reap Profits as Regulators Fail (Update1) - Bloomberg.com
S&P included a standard disclaimer with Lehman's ratings: "Any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision."... "They're saying we know you're going to rely on us and if you get screwed, you're on your own because our lawyers have told us to put this paragraph in here," he says. The companies have defended their ratings from lawsuits, arguing that they were just opinions, protected by the free speech guarantees of the First Amendment to the U.S. Constitution.
S&P included a standard disclaimer with Lehman's ratings: "Any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision."
...
"They're saying we know you're going to rely on us and if you get screwed, you're on your own because our lawyers have told us to put this paragraph in here," he says.
The companies have defended their ratings from lawsuits, arguing that they were just opinions, protected by the free speech guarantees of the First Amendment to the U.S. Constitution.
That's just another way of saying "precisely everything we do is utter BS, please just ignore us". Peak oil is not an energy crisis. It is a liquid fuel crisis.
