7. NO – Rights Approach
Rating agencies
& regulators
failed to inform
Provided our clients
with financial advice &
information regarding
investment goals
Carried out duty to
maximize
shareholder wealth
8. To $um It Up…
“Yes” Argument “No” Argument
Responsibility
falls on…
Government SEC
Credit
Agencies &
Regulators
Financial
Industry at
fault
because…
Unbalance
Ends
didn’t
justify
means
Breached 3
core duties
9. Place blame by
degree of
responsibility
Economic recessions
are a natural
occurrence in any
economy