U.S. to sue S&P over mortgage bond ratings
WASHINGTON | Mon Feb 4, 2013 2:34pm EST
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."
Monday, February 04, 2013
MAYBE, JUST MAYBE, THIS WILL WORK
Some time ago, there was a district court opinion that held the corrupt ratings agencies couldn't be held responsible for patently absurd ratings because of the 1st Amendment so I don't see how this is going to work.
Subscribe to:
Post Comments (Atom)
Posts
1 comment:
http://blog.ourfuture.org/20130207/87-days-left-to-fix-what-wall-street-broke-in-obamas-first-100-days?utm_source=rss&utm_medium=rss&utm_campaign=87-days-left-to-fix-what-wall-street-broke-in-obamas-first-100-days
"The Campaign for a Fair Settlement is dedicated to making sure President Obama follows through on his promises, and prioritizes financial and housing reform in the first 100 days of his term.
Since the campaign was launched, the U.S. has filed a 119-page, $5 billion lawsuit against the rating agency Standard & Poor’s. The Justice Department has accused Standard & Poor’s of inflating its ratings. This is a good, but not the best one possible. Dan Petegorsky from Campaign for a Fair Settlement said, ” This is just one case against the abettors, rather than the main perpetrators. ***It’s still just civil, not criminal.*** So, there is tremendous work to be done before the DOJ is anywhere close to fulfilling its obligation to taxpayers and homeowners.”
Post a Comment