Repaving The Road To Rating Agency Accountability

Law360, New York (May 31, 2012, 5:01 PM EDT) -- In October 2011, we rhetorically asked the readers of Law 360 to consider why the rating agencies should be getting a free pass from liability despite the central role they played in facilitating the global credit crisis and the resulting Great Recession (www.law360.com/articles/280699/why-are-rating-agencies-still-getting-a-free-pass-). They had somehow managed to avoid accountability despite the large and growing body of evidence establishing that they had intentionally assigned investment-grade ratings to structured finance products that they knew were not investment grade at all.

That evidence was documented by many sources,...
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