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  "documentTitle": "Assured Guaranty (AGO)",
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  "authorName": "David Einhorn",
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      "text": "This effectively ended the rating arbitrage and the opportunity to insure a large number of new municipal bonds.",
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      "text": "Post crisis the agencies admitted they had under-rated municipal bonds and re-scaled the ratings to match corporate bonds. This effectively ended the rating arbitrage and the opportunity to insure a large number of new municipal bonds.",
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      "text": "In 2015 the SEC made it official by requiring rating agencies to weigh credit default risk in a consistent manner for all securities.",
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      "text": "Source: Moody's Investors Service, Moody's US Municipal Ratings to Move to Global Scale Beginning April; March 16, 2010; available at www.moodys.com/research/Moodys-US-Municipal-Ratings-to-Move-to-Global-Scale-Beginning--PR_196360",
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