Ratings agencies are back in the news thanks to a mammoth opinion out of an Australian court holding Standard & Poor's responsible for losses on structured debt products.
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There is no doubt S&P did a stupendously poor job rating the products. For a quick summary of some of the problems revealed in the 635,000 word judicial opinion, see Felix Salmon's post.
I'm not sure, however, that this type of ruling will ever be carried over to the United States.
