3 In a leading article on 23 December 2003, the Financial Times said that rating agencies in...

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3 In a leading article on 23 December 2003, the Financial Times said that rating agencies in the Parmalat affair ‘carry responsibility for their sheer gullibility’. Do you think this is a fair criticism?

(See the letter in reply on 24 December 2003 from the Executive Managing Director of Standard and Poor’s in Paris.)

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