Political Crossfire Forums

Before you get too excited, it is a civil suit which means there could be a civil settlement, which means "no admission of wrongdoing."

As one former SEC official put it, nothing will change until you see these guys being perp-walked in front of the cameras--that sh** would stop tomorrow.

Also, the ratings agencies were the accomplices in this caper, not the primary perps--that would be the TBTF banks, who would agency-shop to get their crapola products rated they wanted so they could unload them on unsuspecting suckers (who thought they were buying something safe because--ta-da!--it had a AAA rating).

It's a start though. I wonder if 60 Minutes woke up the DOJ.

(scratches head) I don't know how the DoJ could go forward on a criminal case against the Credit Rating Agencies, civil would really be the only option.

What really kills me is it's the same rating agencies which played a big part in the whole mortgage fraud circus that also then turned around after the crash and downgraded the US rating.