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  Topic: U.S. to sue S&P over ratings
ahead of financial crisis
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U.S. to sue S&P over ratings
ahead of financial crisis

Reuters, by Aruna Viswanatha & Jonathan Stempel

Original Article

Posted By:JoniTx, 2/4/2013 5:35:24 PM

Standard & Poor´s said it expects to be the target of a U.S. Department of Justice civil lawsuit over its mortgage bond ratings, the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the recent financial crisis. Shares of McGraw-Hill Cos, the parent of S&P, plunged 13.8 percent on Monday after news of the expected lawsuit surfaced, their biggest one-day percentage decline since the 1987 stock market crash, according to Reuters data.An announcement of a lawsuit is expected on Tuesday, a person familiar with the matter said. The news also caused shares of Moody´s Corp,

      


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Reply 1 - Posted by: trackman999, 2/4/2013 5:38:22 PM     (No. 9158376)

If the govt doesnt like the truth, SUE!!

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Reply 2 - Posted by: capt scurvey, 2/4/2013 5:40:57 PM     (No. 9158380)

Tyranny, plain and simple...

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: Not your typical New Yorker, 2/4/2013 5:44:54 PM     (No. 9158388)

So let´s see here.

President Barry Soetoro takes a already shaky economy and totally destroys it with maniacal overspending.

America gets its credit rating downgraded because of his actions.

And now barry wants to sue because of what he himself has done.

OK, got it.

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Reply 4 - Posted by: schnapps, 2/4/2013 5:50:11 PM     (No. 9158398)

First they came for the rating agencies...


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Reply 5 - Posted by: Coy860, 2/4/2013 5:52:14 PM     (No. 9158401)

Busy busy busy Eric Holder..he must get up every morning asking "who will we sue today".
He must be running out of States trying to enforce Laws, so now on to bigger things. s/
Government out of control..power mad.

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Reply 6 - Posted by: Pearson365, 2/4/2013 5:54:09 PM     (No. 9158406)

One hopes that S&P has the integrity to downgrade the growing amount of ObamaDebt that is eroding our credit ratings and burdening us in the years to come.

Article mentions that Moody´s and Fitch have not been used over these structures notes that went bust in Augustm ´07". Obama and our in-contempt of Congress AG are using S&P suit to terrorize these two agencies. Since all 3 will be sued if they fail to further downgrade US Treasury debt, they should act without fear of Obama, and more precisely, Valerie Jarrett.

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Reply 7 - Posted by: WestCoast, 2/4/2013 5:54:35 PM     (No. 9158408)

it´s what a pre-dictator does, bring the full power of the government down on anyone that displeases you. It may destroy the target and sends a clear message to others what happens if you displease.
If the pre-dictator becomes a full blown dictator.... see germany, china, etc, didn´t one of dear leaders associates or an associate of the associate - (during weather underground days) indicate that up to 25 million Americans might have to be eliminated after the revolution and that Cuba and N Korea could assist with that -

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Reply 8 - Posted by: LudicrousSextus, 2/4/2013 5:55:45 PM     (No. 9158410)

At this point in US history - the mere suggestion that the Federal government is doing *anything* related to mortgages should scare the hell out of every citizen with an I.Q. higher than their age...

The sub-prime mortgage crisis - government induced - was the wrench that pretty well shut down the American economy the *last* time they had some ´less than bright´ ideas.

Is anyone surprised they decided to double down on their stupidity?

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Reply 9 - Posted by: GOPJihad, 2/4/2013 5:59:55 PM     (No. 9158419)

Hugo Chavez would be proud...

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Reply 10 - Posted by: coldoc, 2/4/2013 6:07:28 PM     (No. 9158437)

Isn´t the next downgrade about due?

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Reply 11 - Posted by: Msctex1, 2/4/2013 6:18:04 PM     (No. 9158465)

#4 nails it to the wall for all to see.

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Reply 12 - Posted by: Country Boy, 2/4/2013 6:21:36 PM     (No. 9158475)

#9, Al Capone would be proud.

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B-G1


 
Reply 13 - Posted by: dwa, 2/4/2013 6:41:22 PM     (No. 9158506)

The most political and corrupt non-justice department we´ve ever had. But then they can be that way with the corrupt and fawning press. The press proves every day that Obama and Holder are affirmative action president and attorney general--they are held to different standards -- or no standards

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Reply 14 - Posted by: Philipsonh, 2/4/2013 6:44:41 PM     (No. 9158510)

Obama threatened to get revenge on his enemies, and he has a long list. Note the DOJ sued just ONE rating agency, when in fact all pursued the same tact. If the Government wins
money, WHO gets it? Surely not the parties who were injured, the investor class. Probably just build a THIRD oval office since even two must not be adequate for the man who would be king. Those are my opinions. The facts are that many entities contributed to the financial crisis, going back to the 1990´s, including the Government, banks, investment banks, Quasi-Govt Agencies,
Mortgage firms, Congress, Insurance companies, etc. The list is extensive, and
the fact that the DOJ is suing just one firm is notable. They should be suing the Government itself, which in fact initiated the whole mess with the Community Reinvestment Act, and Congress, who broke the firewall between banks and investment banks.
If not for these two acts, the financial crash would not have happened, at least in the manner and severity it did.


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Reply 15 - Posted by: KTWO, 2/4/2013 6:50:39 PM     (No. 9158516)

I must not understand the business.

1) Isn´t a rating agency paid to offer an opinion?

And no matter how sophisticated their financial tools that rating is still only an opinion.

2) When you purchase an opinion you expect a skilled, prudent opinion. Fair enough.

But is any other party entitled to that expectation? If so, why? They have not paid for anything? And the rating agency did not work for them.

3) The rating agency must get cusomers based upon its reputation for honesty and skill.

But the U.S. government was not the customer. Why should it be rewarded with large damages or punitive settlements.

We can only watch and learn.



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Reply 16 - Posted by: Blue-Z-Anna, 2/4/2013 7:10:39 PM     (No. 9158544)

The last time I went to confession I was given a penance which was clearly excessive for the number and nature of my sins.

Fortunately, I was able to sue my confessor for damages and have used the proceeds to further enslave the ignorant serfs in my kingdom.

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Reply 17 - Posted by: Nosillod, 2/4/2013 7:15:17 PM     (No. 9158550)

I think Obama is suing because he is mad about the downgrade of the U.S. credit rating, but S& P deserves to be put out of business for their part in the housing bust. They rated those derivatives as solid gold without even looking into them. It may be just an opinion, but I guarantee S& P does sell their services that they are just offering an opinion. They no doubt sell that their opinions as being researched and top notch. Truth is it is an opinion bought and paid for (in this case) by someone selling something that was worthless, but wanted some third party testimony as to its worth. Crooks all of them.

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R_DBL_B
  


 
Reply 18 - Posted by: Nevadadad46, 2/4/2013 7:23:55 PM     (No. 9158564)

Truth hurts, eh? So the smoke screen is to waste our tax dollars with phony law suit!? I absolutely hate these liberals in our Government!

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Reply 19 - Posted by: WhamDBambam, 2/4/2013 7:41:14 PM     (No. 9158596)

It´s called "lawfare." The sooner the public puts a stop to this legalistic nonsense, the better off we´ll all be. I speak from having practiced law some thirty-five years.

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Reply 20 - Posted by: otronome, 2/4/2013 7:58:46 PM     (No. 9158618)

It´s a simple shake-down and extortion racket perfected in Chicago.

There is no intent to try to establish that the government can sue becasue an opinion is wrong. There will be high profile stories and government threats aimed at ruining the company and its reputation. Leaks of discovery information gathered from millions o emails fed through computeres searching for use of embarrassing words will be the crooks biggest investment in the game. A few months from now, a settlement will be reached that hands over several hundred million to states on behalf of the poor investors who lost money. It will be used for some high sounding purpose and find its way into the general fund of Blue States for the most part e.g. NY, CA, IL. Some democratic linked lawyers will take in tens of millions and recycle 10% to their buds.

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Reply 21 - Posted by: noproblems, 2/4/2013 8:29:00 PM     (No. 9158652)

court will decide.

a lot of people on Wall Street should be in jail. they give too much money to both parties for that to happen.

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Reply 22 - Posted by: M Stuart, 2/4/2013 10:01:56 PM     (No. 9158766)

Intimidation by government. And they wonder why people are clinging to their guns and Bibles.

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Reply 23 - Posted by: Trigger2, 2/5/2013 6:39:58 AM     (No. 9159094)

#1 has it exactly right. My only surprise is that Barry didn´t put drones over S&P to take them out.

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