We all know by now the global financial crisis created by the credit default swap derivatives based on securitized sub prime mortgage loans in the USA. One of the key reason, the thieves in Wall Street were able to get away with this fraud for so long was the rating agency that slapped a AAA rating on low quality sub prime securities bundled together with other high quality papers. The budled bond paper was then sold as pure gold with AAA rating all over the world guaranteed by AIG with no real money actually avaialble to it to actually back it should their be a claim down the road. This ran in to trillions of dollars all over the World.

Now the law suits have begun. The attorney generals in different state pension funds such as in California. Ohio are claiming back loss money from rating agencies such as Moody`s, Fitch and S&P. The raing agency`s defense in these law suite?

That is the purpose of this message. Believe it or not, they claim they are like journalist writing a bad (BBB rating) or good opinion (AAA rating) about the future. It could be right or wrong but they are protected by the 1st Amendment of the US Consttution; right to free speech!. IOW a rating agency rating bonds as good can not be sued because it is just an opinion that is protected under the US constitution. If the investor is fooled by it, that is his tough luck.

Do you buy this piece of shit logic? The case will be decided in the US Supreme Court eventually of course but it is strange that after misleading millions of people with their wrong ratings, these agencies have the gall to be still be in business. That is free market capitalism for you. India needs to very badly need to ;earn a lesson about this derivative frauds.