Add to that list:
What factor gives someone the authority to grade a note, and proclaim that grade to the world?
Secondly, how does the community know if there are conflicts of interest? The only way TPG could ever be reliable is if there were not an allegiance to business in note trading. There is conflict of interest, because from what I understand, all TPG companies, have a vested interest in the performance of certain notes (their own stock I would imagine).
One cannot serve two masters (That's in the book of Matthew I think) -- although I am merely using it as a parallel to compare being a dealer and being a TPGrader.
Related question, and it is a parallell as well....
Name the one country in the world that is not part of the UN (that has the choice to be, and is not choosing respresentation by another country)? PM me if you think you know the answer... think-- conflict of interest... (besides Kosovo)
Basically, it boils down to this:
If A thinks he's right,
B thinks he's right, and C thinks he's right, and they are all different, how on earth could there be validation (unless two of the three determined their own system)?
Logically, it does not make sense.