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In his company, employees are not allowed to trade the stocks of Canadian companies since that is what they provide ratings for. He also talks about how management of the companies he would meet with while working as a fund manager would always be giving him a sales pitch instead of being objective. Compare Hodson's approach to the major rating agencies that are paid by the firms that they do the ratings of and for.
Clearly, the major rating agencies contributed to the problems leading to the Great Recession. I have said that I believe the ratings system is broken. I guess it isn't just me who thinks so.