Oireachtas Joint and Select Committees
Thursday, 5 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor William Black:
This is in the context where there has just been a very large settlement against a credit rating agency, in the United States context, Standard & Poor's. That is another example of the Gresham's dynamic. There is explicit stuff in our equivalent. I was the deputy staff director of this equivalent in the United States that looked at the US crisis in the savings and loan debacle. The Chairman will see in that that it explicitly states there was a Gresham's dynamic among top-tier audit firms. In that context they were the big eight; we are down now to the big four.
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