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Donald J. Johnston, founding partner and senior counsel of Heenan Blaikie, recently contributed an op-ed article to the February 11, 2013 edition of The New York Times entitled, “An Alternative to the Ratings Agencies”.
In his article, Mr. Johnston discusses the US Department of Justice’s decision to file civil fraud charges against Standard & Poor for its alleged contributions to the subprime mortgage disaster and the damaged credibility of credit rating agencies. He goes on to discuss at length the potential for creating an alternative to private credit rating agencies.