Video Lunch: Congressman: Raters Helped Create Products they Rated

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From the Huffington Post Investigative Fund:
Edolphus Towns, the Chairman of the House Committee on Oversight and Government Reform, has led an investigation into the role the nations largest credit rating companies played in the financial crisis. He says some raters were involved in helping create the same products they later rated, and should therefore be held to a higher standard of liability. If it is proven that the credit raters were in fact grading their own work, it could affect the outcomes of dozens of investor lawsuits against credit raters worth billions.