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  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
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  "authorName": "Pershing Square Capital Management",
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      "text": "Problems are caused by corrupting incentives at the original issuance of a security or derivative by an issuer",
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      "text": "Investors – Overly relied on ratings rather than their own due diligence and are often subject to ratings-based investment limitations",
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      "text": "Issuers/Banks – Are incentivized to get highest ratings with highest yielding (riskiest) assets",
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      "text": "NRSROs – Are conflicted by how they are paid; without high ratings, agencies do not earn fees on new issue transactions",
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      "text": "What Are the Principal Problems?",
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