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Mon Feb 4, 2013, 03:24 PM

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

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

8 replies, 1706 views

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Arrow 8 replies Author Time Post
Reply U.S. to Sue Standard & Poor's Over Mortgage Bond Ratings (Original post)
Hissyspit Feb 2013 OP
BadGimp Feb 2013 #1
Sherman A1 Feb 2013 #2
JDPriestly Feb 2013 #5
tk2kewl Feb 2013 #6
Spitfire of ATJ Feb 2013 #3
dipsydoodle Feb 2013 #4
SunSeeker Feb 2013 #7
JackRiddler Feb 2013 #8

Response to Hissyspit (Original post)

Mon Feb 4, 2013, 03:26 PM

1. will anyone go to jail? NO

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Response to Hissyspit (Original post)

Mon Feb 4, 2013, 03:26 PM

2. Long overdue

S&P should have been shut down under RICO.

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Response to Sherman A1 (Reply #2)

Mon Feb 4, 2013, 03:36 PM

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.

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Response to JDPriestly (Reply #5)

Mon Feb 4, 2013, 03:41 PM

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

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Response to Hissyspit (Original post)

Mon Feb 4, 2013, 03:34 PM

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.

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Response to Hissyspit (Original post)

Mon Feb 4, 2013, 03:36 PM

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.

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Response to Hissyspit (Original post)

Mon Feb 4, 2013, 04:42 PM

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

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Response to Hissyspit (Original post)

Tue Feb 5, 2013, 01:14 AM

8. There is no read more at the link?

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

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