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Paul Krugman: Berating the Rating Agencies

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The e-mail messages you should be focusing on are the ones from employees at the credit rating agencies, which bestowed AAA ratings on hundreds of billions of dollars' worth of dubious assets, nearly all of which have since turned out to be toxic waste. What those e-mails reveal is a deeply corrupt system. And it's a system that financial reform, as currently proposed, wouldn't fix.

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At www.nytimes.com

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