Remember how the scumbag ratings got away with truly astounding fraud because they could hide behind the 1st Amendment? Well, the Dodd-Frank financial overhaul has eliminated that loophole.
Credit Rating Agencies Can't Claim Free Speech in Law Giving New Risks
By John Lippert - Dec 7, 2010 10:01 PM MT
Bloomberg Markets Magazine
Largely overshadowed in the Dodd-Frank overhaul, 18 of the 848 pages strike at defenses that have allowed Moody’s, Standard & Poor’s and Fitch Ratings to defeat every ratings lawsuit they’ve faced. The bill says ratings aren’t protected by the First Amendment as free speech or by securities laws that say opinions can’t be wrong.
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