Friday, November 6, 2009

Quote Of The Day: Michael Milken

Michael Milken on the usefulness of credit rating agencies:

So if you are relying on rating, then I am not sure why, as a money manager, you should be paid a fee because there isn’t too much value-added you are providing. Besides, people who provide ratings are just human beings. Maybe if they are the most talented in the world, you would have already hired them.

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