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As to the incentives being skewed... the rating agencies get paid for rating thingies, and if they didn't rate certain now-infamous thingies investment-grade they either got no repeat business or they didn't get paid in the first place, because said now-infamous thingies were unsellable otherwise.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Mon Apr 26th, 2010 at 07:16:01 AM EST

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