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U.S. Sues S&P Over Ratings
Wall Street Journal, by Jean Eaglesham *

Original Article

Posted By:pineledger, 2/5/2013 6:45:16 AM

The Justice Department sued Standard & Poor´s Ratings Services late Monday, alleging the firm ignored its own standards to rate mortgage bonds that imploded in the financial crisis and cost investors billions.The civil charges by U.S. Attorney General Eric Holder against the New York company, one of the bond-rating industry´s three giants, are the first federal enforcement action against a credit-rating firm over the crisis. Several state attorneys general are likely to join. S&P said in a statement earlier Monday that the government suit would be "entirely without factual or legal merit," and denied wrongdoing.

Comments:
*and Jeanette Neumann and Evan Perez

Are we sure this isn´t a shot across the bow in anticipation of lowered ratings of US debt?

      


Post Reply  

Reply 1 - Posted by: Spidey, 2/5/2013 6:50:37 AM     (No. 9159110)

Obama sued gallup because they didn´t like poll results so why not sue S&P for a lousy credit rating. Obama knows the more he borrows with a zero growth economy,further downgrades are ahead.

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Reply 2 - Posted by: Country Boy, 2/5/2013 6:53:52 AM     (No. 9159114)

Link is pay-for-link.

This is really blowback for downgrading the U.S. Treasury bonds and notes to AA+ (of the three majors, only S&P did that). If somebody could dig it up, betcha a there was implied blowback for downgrading FMNA and Freddie Mac debt too. So, nobody did it. Including Moodys, which is not an object of the civil suit.

As said of the three majors (Fitch also), S&P downgraded Treas debt. Whack!. One more small accredited agency did the same - Egan Jones. Two weeks ago they also got whacked!

Governing, Chicago style.

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Reply 3 - Posted by: Not your typical New Yorker, 2/5/2013 6:54:47 AM     (No. 9159117)

Obama should sue himself for economic destruction.

He´d win.

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Reply 4 - Posted by: tocsin, 2/5/2013 7:03:21 AM     (No. 9159132)

´´Nice little bond-rating agency ya got dere-be a shame if somethin´ happened to it.´´

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Reply 5 - Posted by: Rotten In Denmark, 2/5/2013 7:51:31 AM     (No. 9159207)

Too bad S&P was more threatening to the illegitimate regime than the Black Panthers....Oh! Right, they are! Duh!

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Reply 6 - Posted by: Bur Oak, 2/5/2013 8:22:10 AM     (No. 9159262)

If you dare oppose the Obama Administration you will be attacked.

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