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Economic Psychology, Geopolitical Risk and The Unconstitutionality of Private-Sector Credit Rating Agencies, Ratings Opinions and Government Bailouts/Bail-ins

In: Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II

Author

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  • Michael I. C. Nwogugu

Abstract

This chapter: (i) explains why private-sector Credit Rating Agencies (CRAs) and their ratings opinions are unconstitutional (with emphasis on CRAs that rate corporate, municipal and government financial-instruments); (ii) explains why government bailouts/bail-ins are motivated by Constitutional Political Economy issues, are unconstitutional and have not worked well; (iii) explains the unconstitutionality of “Obamacare” (the healthcare statutes enacted by the Obama administration in the USA), the European Union bailouts, the bailout of the US auto industry, the Nigerian banking industry and the Nigerian power industry. While US law is used in this chapter, the same legal principles are applicable in most common law countries.

Suggested Citation

  • Michael I. C. Nwogugu, 2021. "Economic Psychology, Geopolitical Risk and The Unconstitutionality of Private-Sector Credit Rating Agencies, Ratings Opinions and Government Bailouts/Bail-ins," Springer Books, in: Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II, chapter 0, pages 145-247, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-71419-2_3
    DOI: 10.1007/978-3-030-71419-2_3
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