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Looking at Credit Rating Agencies Through a Leegin Lens

BY | January 29, 2014

This article is part of a Chronicle. See more from this Chronicle Mark Patterson, Jan 28, 2014 In a 2007 memorandum, Raymond McDaniel, the Chairman and CEO of Moody’s Corp.,…

This article is part of a Chronicle. See more from this Chronicle

Mark Patterson, Jan 28, 2014

In a 2007 memorandum, Raymond McDaniel, the Chairman and CEO of Moody’s Corp., described competition among credit-rating agencies in a way that should give antitrust lawyers pause:

“Ideally, competition would be primarily on the basis of ratings quality, with a second component of price and a third component of service. . . . The real problem is not that the market . . . underweights rating

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