The link below is an extended analysis with further links to even greater in depth details of the Dodd Frank crime against humanity....
here’s another bit:
Credit rating agencies panicking about legal exposure from financial reform bill
By: MARK HEMINGWAY
Commentary Staff Writer
07/21/10 3:53 PM EDT
Looks like another prime example of pass the bill to find out what’s in it:
Standard & Poor’s, Moody’s Investors Service and Fitch Ratings are all refusing to allow their ratings to be used in documentation for new bond sales, each said in statements in recent days. Each says it fears being exposed to new legal liability created by the landmark Dodd-Frank financial reform law.
The new law will make ratings firms liable for the quality of their ratings decisions, effective immediately. The companies say that, until they get a better understanding of their legal exposure, they are refusing to let bond issuers use their ratings.
That is important because some bonds, notably those that are made up of consumer loans, are required by law to include ratings in their official documentation. That means new bond sales in the $1.4 trillion market for mortgages, autos, student loans and credit cards could effectively shut down.
On the other hand, Dodd may have shut down government borrowing as well! Since the government has to issue bonds for its borrowing, its bonds get rated as well. If the government can’t get ratings for its bonds, didn’t congress just screw itself?
Someone tell me if I’m wrong.