Since he proved his theorem in 1982, Fine has been challenging the traditional interpretation of the experimental violation of the Bell Inequalities (BI). A natural interpretation of Fine's theorem is that it provides us with an alternative set of assumptions on which to place blame for the failure of the BI, and opens to a new interpretation of the violation of the BI. Fine has a stronger interpretation for his theorem. He claims that his result undermines the traditional interpretation in terms of local realism. The aim of this paper is to understand and to assess Fine's claim. We distinguish three different strategies that Fine uses in order to support his view. We show that none of these strategies is successful. Fine fails to prove that local realism is not at stake in the violation of the BI by quantum phenomena.