The ratings are important because certain investors, eg pensions, cannot invest in junk unless the junk gets a good rating. One of the tragedies will be many of the people who will be left holding the bag will be blameless, esp. people who are depending on pensions. -- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
