Slog
News & ArtsMonday, February 4, 2013
Money DOJ and Several States Expected to File Civil Charges Against Standard and Poor's
Posted by Grant Brissey on Mon, Feb 4, 2013 at 5:33 PM
Originally reported this afternoon by WSJ.com (subscription), the suit will reportedly accuse S&P of fraud concerning its A-OK ratings of mortgage bonds that helped lead to financial crisis. Up until last week, the Justice Department had been in settlement talks with the agency, until it learned that the department would seek a settlement in excess of "10 figures." That's at least one billion dollars, to us plebeians.
Prosecutors, according to the people, have uncovered troves emails by S&P, employees, which the government considers damaging. Portions of those emails are likely to be disclosed in the government’s complaint against S&P.
Well, shit-howdy, this actually put me in a good mood on my shameful, workaday bus ride home, even though they'll probably find a way to dump it all back onto the shoulders of the workingman. Or not. (I'm trying to be less cynical these days.)
16
Why anybody treats them as some sort of statement of objective fact, I do not know.
Because in a completely fraud-based society, it is imperative such fantasy outfits exist: there must always be a senior arbiter who announced that naked emporer is indeed wearing clothes.
And, if you wish to dig deeper, you just might wish to read that FCIC report sometime.
Because in a completely fraud-based society, it is imperative such fantasy outfits exist: there must always be a senior arbiter who announced that naked emporer is indeed wearing clothes.
And, if you wish to dig deeper, you just might wish to read that FCIC report sometime.
15
@7, sarah70, I'm sorry, but you're a complete moron.
You accept EVERYTHING at superficial, or face, value. Ted Bundy used to routinely entrap women like yourself (assuming your name correctly indicates your sex) by such unfortunate gullibility.
FYI: Bundy wasn't working at a suicide hotline 'cause he was a caring dood, dood!
Don't take everything a face value, learn to think for yourself and to think both analytically, and independently.
Just because some absolute douchetard on FoxFiction, CNN, NPR, PBS, ABC, CBS, MNBC (or what the eff it's called at the moment) tells you some drivel, don't make it so.
As Abraham Lincoln once remarked, "Calling a dog's tail it's fifth leg, doesn't change it from being a tail."
Got neurons????
You accept EVERYTHING at superficial, or face, value. Ted Bundy used to routinely entrap women like yourself (assuming your name correctly indicates your sex) by such unfortunate gullibility.
FYI: Bundy wasn't working at a suicide hotline 'cause he was a caring dood, dood!
Don't take everything a face value, learn to think for yourself and to think both analytically, and independently.
Just because some absolute douchetard on FoxFiction, CNN, NPR, PBS, ABC, CBS, MNBC (or what the eff it's called at the moment) tells you some drivel, don't make it so.
As Abraham Lincoln once remarked, "Calling a dog's tail it's fifth leg, doesn't change it from being a tail."
Got neurons????
14
@10, floater, makes an excellent comment:
Here's my naive comment: How about we withdraw their credibility by ignoring their "expert" opinions from now on? What kind of power have we actually given these agencies?
This learned opinion was put forth many, many years ago, by Louis Brandeis, in his epochal book, Other People's Money, and How the Bankers Use It.
Speaking of epochal, by any chance did ANYONE at The Stranger bother to read the epochal report published quite, quite some time back, the FCIC Report, by the Financial Crisis Inquiry Commission, where this was all explained?
Why do I already suspect I know the answer to this?
The evidence has long been out there, of course this is partial blame shifting, as the culprits were really: Robert Rubin, Phil Gramm, Alan Greenspan, Larry Summers, Arthur Levitt, Neal Wolin, Bill Clinton, and JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, and on and on and on......
Here's my naive comment: How about we withdraw their credibility by ignoring their "expert" opinions from now on? What kind of power have we actually given these agencies?
This learned opinion was put forth many, many years ago, by Louis Brandeis, in his epochal book, Other People's Money, and How the Bankers Use It.
Speaking of epochal, by any chance did ANYONE at The Stranger bother to read the epochal report published quite, quite some time back, the FCIC Report, by the Financial Crisis Inquiry Commission, where this was all explained?
Why do I already suspect I know the answer to this?
The evidence has long been out there, of course this is partial blame shifting, as the culprits were really: Robert Rubin, Phil Gramm, Alan Greenspan, Larry Summers, Arthur Levitt, Neal Wolin, Bill Clinton, and JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, and on and on and on......
13
Yeah screw them. I hold no blame for "buying" a 700k McMansion with a 40k a year salary. I deserve that shit.
12
@7 "let's look forward, not backward" Obama? C'mon, Sarah: http://www.guardian.co.uk/commentisfree/…
11
Thank you for this post. Thats all I are able to say. You most absolutely have built this blog website into something speciel. You clearly know what you are working on, youve insured so many corners.thanks
music download
music download
10
Here's my naive comment: How about we withdraw their credibility by ignoring their "expert" opinions from now on? What kind of power have we actually given these agencies?
My guess is that the answer will be that they've rigged the game so that we have no choice but to listen to their oracles.
It's too good to think that the CEO's will lose their careers and go to jail, in addition to forfeiting their fortunes. Oh, I can dream.
My guess is that the answer will be that they've rigged the game so that we have no choice but to listen to their oracles.
It's too good to think that the CEO's will lose their careers and go to jail, in addition to forfeiting their fortunes. Oh, I can dream.
9
I believe the groundwork for this case was achieved by an Australian lawyer on behalf of several local government and public authorities who were taken for the same ride. Below is a link to an excellent story about how it was done. http://www.theglobalmail.org/feature/the…
7
No matter what happens or doesn't happen to the evildoers, this is one of the many differences between the Obama administration and the Bush administration: Obama's DOJ actually brought a case.
6
The arbitrary nature of credit ratings makes it comparable to the manner in which coffee varieties or wines are graded. Why anybody treats them as some sort of statement of objective fact, I do not know. There's even a caveat given by the credit agency that warns against using credit ratings as a guide to investment, written right on the certificate when issued.
The real problem is not the credit rating agencies themselves-they're easily corrupted in the same way any judge of arbitrary quality is easily corrupted. The problem lies in our acceptance of credit ratings as if they were some gold-standard scientific measurement.
The real problem is not the credit rating agencies themselves-they're easily corrupted in the same way any judge of arbitrary quality is easily corrupted. The problem lies in our acceptance of credit ratings as if they were some gold-standard scientific measurement.
5
These villains, along with their rating-agency partners in crime Moody's and Fitch, were the prime enablers of the global financial meltdown, and in a remotely fair world a bunch of their executives would have been put in the slammer several years ago (along with local former WaMu CEO Kerry Killian). Basically they were repeatedly handed pallet-loads of bricks spray-painted gold to rate, and continually told the global financial world that they were 24-karat gold, raking in billions in the process. If they had done their job honestly, none of the financial crisis could have happened.
4
This is actually a pretty big deal. Of course S&P's ratings were incorrect, but the firm was always protected because they were "opinion" shielded by the First Amendment, just like any darling beardo's blog would be.
The gist of this is that the evidence is showing S&P's changed its published "opinions" solely to improve S&P's own business prospects. If they lose the First Amendment protections the DOJ is just the start - that leaves them open to investor suits. That 's what has S&P shitting itself right now.
All credit for the little I may (or may not) know about this goes to Calculated Risk. Tanta vive!
The gist of this is that the evidence is showing S&P's changed its published "opinions" solely to improve S&P's own business prospects. If they lose the First Amendment protections the DOJ is just the start - that leaves them open to investor suits. That 's what has S&P shitting itself right now.
All credit for the little I may (or may not) know about this goes to Calculated Risk. Tanta vive!
3
Cue the trolls linking this to S&P downgrade of U.S. Credit rating in 5..4..3..
@1, I'd like someone to go to jail but at least someone is saying, "Oh Hell No!" to the $100m fine S&P was willing to pay in a negotiated, admit no fault or wrong doing, settlement.
@1, I'd like someone to go to jail but at least someone is saying, "Oh Hell No!" to the $100m fine S&P was willing to pay in a negotiated, admit no fault or wrong doing, settlement.
1
Hey, it's not like anyone is going to jail for this obvious MULTI-TRILLION DOLLAR fraud.
Cause they're not. Not a single one.
Nada.
Enjoy being a Third World Banana Republic.
Cause they're not. Not a single one.
Nada.
Enjoy being a Third World Banana Republic.
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