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Continued: Franken's plan for ratings reform finds no SEC consensus

  • Article by: JIM SPENCER , Star Tribune
  • Last update: May 15, 2013 - 5:41 AM

Dave Berg of Eden Prairie takes that cynicism personally. Berg did not attend Tuesday’s roundtable, but Franken quoted from him while speaking to the SEC commissioners. Berg lost his IT job in 2008 and has not worked full time since. Now 60, Berg has spent practically all of his retirement savings living day-to-day.

As he drew down those funds, the stock market crashed and shrank his nest egg.

“You would think a AAA rating would be a good investment,” Beg said in an interview. “We depend on the rating system to be accurate. When banks pay for AAA ratings, that doesn’t lend a lot of faith.”

 

Jim Spencer • 612-673-4503

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