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for years, made sure that the ratings that
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they're giving are actually safe investments.
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Okay.
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And in general, people on the buy side
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are going to want the rating agencies to tell the truth
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and people on the sell side will be ambivalent about that,
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so there are cross-pressures there.
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And there is patent evidence of great inflation
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in the ratings that these firms produce.
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Does that surprise you, Paul?
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Not really, no, because they get paid
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by the sell side not by the buy side.