[thucydides]

The rating agencies do not engage in "subjective" determination of credit ratings. They have detailed objective standards upon which their decisions are based. The idea that Rubin was doing some sort of public service is laughable - another example of Clintonian chutzpah. He sought to use government influence to perpetrate a fraud on the public by getting the agencies to abandon their fiduciary obligation to the public, all to facilitate the dumping of worthless securities on the public served by the agencies. So far, Rubin is the only government official or ex government official who has clearly done something wrong.

[Fracas]

Exactly! I seriously doubt that Rubin will testify; and if he does, I doubt Republicans will grill him. Many (erroneously, IMO) think the public is fixated on Rubin as a person (a better looking, wealthier Greenspan). I don't think Fred Thompson et al are willing to target the guy credited with making the trains run on time.

[jackbill]

He sought to use government influence to perpetrate a fraud on the public by getting the agencies to abandon their fiduciary obligation to the public, all to facilitate the dumping of worthless securities on the public served by the agencies.

I suppose that he could not be charged with "conspiracy to commit fraud" because "they would have difficulty proving intent"?

Just like Mary Jo White not prosecuting Torricelli because they only had the testimony of a convicted felon. Message? Any crooked politician can skate if he deals only with convicted felons.