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So, this is the subprime scandal showing up.
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The question is:
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how can these rating agencies manage the current distrust
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that has developed?
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Because they --one important thing
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--John Moody was a very crusty, strong-willed man,
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who wrote a couple books.
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In these books he talked about
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his moral commitment to honest rating of securities.
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People trusted him and they trusted his organization.
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Well, they still do massively,
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although a little bit less than they used to.