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

1 Faculty News November 14, 2013 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/2013-11-14/s-p-ratings-states-reject-support-new-jersey-to-california-funds.html) -- “'The mandate is just a mistake,' [Lawrence White](http://www.stern.nyu.edu/faculty/bio/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."

[Read more](http://www.bloomberg.com/news/2013-11-14/s-p-ratings-states-reject-support-new-jersey-to-california-funds.html)