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November 12, 2012


Richard E. Brodsky

Jim, every finding of negligence necessarily is made after the events have occurred. Does that mean that all findings of "negligence" or "no negligence" are necessarily wrong because they are made after the fact? Of course not. Presumably S&P will appeal, and the issue will be whether there was enough evidence to support the court's finding. This is not the end of the world. Instead, it is, at least at first look, an incredibly diligent effort by the judge to determine whether S&P should have known that its assumptions were not reasonably based n fact. Since when should a participant in the financial markets get away with that kind of skulduggery?

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