Martin Fridson
If the agencies ain’t broke, don’t try and fix ‘em
“It’s fair to say that the oversight of the industry is insufficient,” says Annette Nazareth of the Securities and Exchange Commission (SEC), regarding the bond rating agencies. Really? Forgive my scepticism about the likelihood that increased government regulation will make the situation better. Politicians and bureaucrats love to impose solutions before clearly demonstrating that a problem exists. A loss to the economy is the usual result, as the added administrative costs produce no
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