U.S. to Sue Standard & Poor's Over Mortgage Bond Ratings

[Hissyspit]

Source: Reuters

U.S. to sue S&P over mortgage bond ratings

Mon Feb 4, 2013 2:34pm EST

WASHINGTON, Feb 4 (Reuters) - The U.S. Justice Department plans to sue Standard & Poor's over its ratings in 2007 of some mortgage bond deals, the ratings agency said on Monday.

The unit of McGraw-Hill Cos Inc said the lawsuit "would be entirely without factual or legal merit."

Read more: http://www.reuters.com/article/idUSL1N0B49LR20130204

[BadGimp]

1. will anyone go to jail? NO

[Sherman A1]

2. Long overdue

S&P should have been shut down under RICO.

[JDPriestly]

5. We whall see whether they have destroyed their internal documents and, if not, what they show.

Should be interesting. Whether S&P wins or loses, the discovery and possible trial will tell us a lot about what really happened, and that makes it worthwhile.

Because we will never find out what really happened at the S&P without a legal process.

That goes for the banks too, and it is a crying shame that the Justice Department has gone so easy on those institutions and has not made the results of their investigations known in clear language to the public. We have a right to know. Investors have a right to know what the Justice Department really found in its claimed investigations of the mortgage industry and the banks. We taxpayers paid for the investigations, but the Justice Department has not been open about the details of what they found.

That is just plain wrong.

[tk2kewl]

6. maybe this is a way to get S&P to flip on some banksters

[Spitfire of ATJ]

3. S&P are the ones that gave those mortgage bundles a AAA rating....

They saw the Feds moving in and lowered the credit rating of the entire United States so they could claim any bust was a retaliation.

S&P should be shut down for fraud. I don't CARE if it's a household name,...fuck em for being crooks.

[dipsydoodle]

4. I don't see how

they can say its "would be entirely without factual or legal merit." If S & P were rating something they didn't understand they were negligent.

[SunSeeker]

7. Good to hear. But for the false ratings, the meltdown wouldn't have happened. nt

[JackRiddler]

8. There is no read more at the link?

That seems to be the entire story. Which is puzzling, to say the least.