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rating should reflect current default swaps

Then why bother with ratings? Just use CDS spreads.

The answer is partly that both international banking regulation and domestic regulation of things like mutual pension funds have agency credit ratings written into them.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Tue Apr 27th, 2010 at 01:55:21 AM EST
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