Monday, May 4, 2009

Heroes of a Litigious Society

Ron Grassi is mad (and broke) as Hell and he's not going to take it anymore!  According to this story from Bloomberg News, Grassi is one of many investors taking credit rating agencies to court because they lost their life savings.  

This seems perfectly reasonable to me.  If a USDA inspector green-lit rotten meat that killed a bunch of people, you can bet your bottom dollar the USDA would have a whole bunch of lawsuits to contend with.  I don't see how this is any different.  

What I want to know is, did rating agencies give high marks to garbage investments out of incompetence (lack of due diligence) or out of premeditated deceit?  I will be patiently waiting for this stuff to come out in court/Congressional testimony.   

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