Regulatory License

Reader comment on: More on Buffett Before the Crisis Commission

Submitted by Anon (United States), Jun 2, 2010 16:10

Frank Partnoy made this same argument in 1999. He offered "a 'regulatory license' view of rating agencies as generating value, not by providing valuable information, but by enabling issuers and investors to satisfy certain regulatory requirements."

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=167412

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