The case referred to was a Common Law matter as are I suspect cases brought by councils against sellers of CDOs and the rating agencies which gave high security ratings to such products. In such cases the claimant has only to weigh the scales in their favour rather than prove beyond reasonable doubt.

The decision in this type of case depends on whether the defendants carried out their advice and rating work with adequate diligence.

I suggest the author of the article needs to read some of the blog items of Associate Professor William Black at neweconomicperspectives.org who shows that many of the activities that led to the GFC were control fraud and in that situation diligence was probably inadequate.

The author probably needs to understand clearly the circumstances of a Gresham Dynamic.

Oh I don't know?
Some of us patently expect climate science to be absolutely correct at all times?
That said, some of these rating agencies rated sub mortgages, and or complexly worthless derivatives, that for all practicable purposes, plucked their so called value from thin air, the completely opaque future, or ponzi schemes, as okay or triple a rated?
And indeed, gave the same rating apparently, to various entities, trading while effectively insolvent?
There remains a duty of pecuniary care and proper due diligence!
Rhrosty.

Those crazy kids at the ratings agencies all want to work for the banks so will value what suits the bank. Value, honesty and ethics? Are you not listening THEY WANT TO WORK FOR THE BANK!
They will do whatever skullduggery is required to assist the banks, especially the too big to fail banks. Then they think those slippery mongrels will cut them a break.
If we had some politicians with backbone the directors and senior management would be facing so much jail time money would be worthless to them. Rather than Obama downwards taking our money and giving it to the major banks. They are now sitting on billions and we hold the worthless assets.
Just hold on though, it is not over yet and there is still time for the whole thing to collapse again.

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