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To clarify, rating agencies are supposed to provide independent analysis of risk in order to solve the problem of people misrepresenting to others what their own data mean by creating a common means of comparison. They are supposed to prevent people from lying in the interpretation of data, not prevent people from actually lying about the data themselves.  Stopping people from cooking the books is what auditors and other regulators do. But cooking the books is not what is given as the cause of the Great Recession -- bad and biased interpretation of the real risks of failure are.  It's the risk ratings that failed, not the auditors.
by santiago on Tue Apr 27th, 2010 at 11:44:02 AM EST
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