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.
S&P going to be sued by Justice Department
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S&P going to be sued by Justice Department
by calicon » Mon Feb 04, 2013 4:13 pm
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Re: S&P going to be sued by Justice Department
by eynon81 » Mon Feb 04, 2013 4:56 pm
(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.
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Re: S&P going to be sued by Justice Department
by Gnostic » Mon Feb 04, 2013 6:12 pm
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.
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Re: S&P going to be sued by Justice Department
by Ben Huh » Mon Feb 04, 2013 6:46 pm
..."if the only thing keeping a person decent is the expectation of a divine reward, then brother, that person is a piece of shit."
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Re: S&P going to be sued by Justice Department
by Davethulhu » Mon Feb 04, 2013 7:20 pm
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