Rule 436(g) was a four-line exemption. It said that when a nationally recognized rating agency's rating appeared in a securities registration statement, that rating did not count as an expert opinion under Sections 7 and 11 of the Securities Act — so the agency never had to consent to being named, and could not be … Continue reading The Byline Is Not a Bond
Category: essays
The Difference Between Being Tested and Being Watched
In the autumn of 1998, a hedge fund called Long-Term Capital Management lost roughly $4.6 billion in about four months and had to be unwound by a consortium of banks assembled at the Federal Reserve's request, for fear its collapse would take the rest of Wall Street down with it. The fund's principals included two … Continue reading The Difference Between Being Tested and Being Watched
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