Mainecoons
02-05-2013, 10:25 AM
The S&P was the first major credit agency to downgrade the United States' triple-A credit rating.
Now the S&P may pay a heavy price for doing so as the Obama administration gets revenge with legal action against the rating agency.
The New York Times (http://dealbook.nytimes.com/2013/02/04/u-s-and-states-prepare-to-sue-s-p-over-mortgage-ratings/) reported Monday: "The Justice Department plans to file civil fraud charges against the nation’s largest credit-ratings agency, Standard & Poor’s, accusing the firm of inflating the ratings of mortgage investments and setting them up for a crash when the financial crisis struck."
OK. but. . .
The Times' story noted that neither Fitch nor Moody's, credit agencies that also gave high credit ratings to such mortgage instruments, have been included in the Justice Department suit.
Fitch or Moody's also have never downgraded the U.S. credit rating.
So S&P who had the balls to tell the truth about Obama's money printing gets singled out for a retaliatory lawsuit for the same practice that all the rating agencies followed.
Where does it stop with these thugs?
http://www.newsmax.com/Newsfront/obama-sues-s-P-downgrade/2013/02/04/id/488865
Now the S&P may pay a heavy price for doing so as the Obama administration gets revenge with legal action against the rating agency.
The New York Times (http://dealbook.nytimes.com/2013/02/04/u-s-and-states-prepare-to-sue-s-p-over-mortgage-ratings/) reported Monday: "The Justice Department plans to file civil fraud charges against the nation’s largest credit-ratings agency, Standard & Poor’s, accusing the firm of inflating the ratings of mortgage investments and setting them up for a crash when the financial crisis struck."
OK. but. . .
The Times' story noted that neither Fitch nor Moody's, credit agencies that also gave high credit ratings to such mortgage instruments, have been included in the Justice Department suit.
Fitch or Moody's also have never downgraded the U.S. credit rating.
So S&P who had the balls to tell the truth about Obama's money printing gets singled out for a retaliatory lawsuit for the same practice that all the rating agencies followed.
Where does it stop with these thugs?
http://www.newsmax.com/Newsfront/obama-sues-s-P-downgrade/2013/02/04/id/488865