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Prof. Lawrence White on the requirement that some states' pension funds use S&P ratings

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Excerpt from Bloomberg -- “'The mandate is just a mistake,' Lawrence White, a professor at New York University’s Leonard N. Stern School of Business, who has testified before Congress on ratings companies, said in a telephone interview. 'It generates a check-the-box-type process, which can lead to major mistakes and unfortunately that’s what happened' in the last crisis."

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