If people simply don't believe the information they are receiving, if they think they are buying instruments that are AAA-rated and they turn out to be anything but that, what are they to do going forward in terms of making decisions?
Bayh highlights the importance of trust in financial ratings for decision-making.
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I will make one comment I do not expect you to respond to, but a skeptic might look at all this and say what was really at work here was a choice between an eventual orderly restructuring or a disorderly restructuring that could have been…
We have been hoping that this clearing process would take place, that we would get footing under the real estate sector.
Capital liquidity standards, resolution protocols, how we handle derivatives, all those kinds of things, it is just important that we harmonize as much as possible.
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