August 18th, 2011
01:50 PM ET
10 years ago
S&P faces U.S. probe on mortgages
NEW YORK (CNNMoney) - Ratings agency Standard & Poor's is being investigated by the U.S. Justice Department for allegedly overrating mortgage-backed securities, whose meltdown led to the 2008 financial crisis, according to two sources with knowledge of the investigation.
The sources confirmed to CNN that Justice Department attorneys interviewed current and former S&P credit analysts earlier this year.
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That'll learn em: DON'T MESS WITH THE USA!!!
"the sources told CNN that the interviews with S&P credit analysts happened months before the rating agency's U.S. downgrade."
Not to mention that the S&P spokesman quoted in the article says that inquiries from gov't agencies have been ongoing for several years. Be that as it may....watch how many teatrolls latch onto the downgrade situation and claim that this is the Obama administration retaliating against S&P for that. READ MORE THAN JUST THE HEADLINE, MORONS.
It sounds as if S&P has a credibility problem. If Fitch still rates us AAA, I'd like to see the analysis & data on what S&P based their downgrade on.
Conspiracy theorists, please calm down. This is only a test. In the event of an actual emergency ......
The retalitory Administration is at it again.
s&p another reason were in the mess were in now... must be payback time form obama..
This is the results of S&P not following Obama's orders. If you don't play along you will be punished. That is Chicago style politics.
It is ludicrous that these Ratings agencies were paid MILLIONS in fees - by WALL ST - to rate Mortgage backed securities as AAA investments.
More unfair is that they were not held responsible for their incompetence or their lies about these securities.
Blow the rating S&P, disgorge your highly lucrative fees. You don`t get to skate.
Welcome to the very long list of "evil greedy businesses" on the Obama black list. You don't happen to be one of those businesses making money are you? You ARE?!! Well, that can ONLY be because you are stealing from the down trodden poor and ripping off the middle class. You MUST be doing something illegal. Just come right over here and allow the govmint auditors strip search your company. We'll teach you a lesson! Oh BTW, can you do me a favor and hire a few unemployed people?
good move
Isn't this the same person who claimed during the recent GOP/FNC debate that she can turn the economy around in a mere 3 months. Is this the same person who claimed that she can bring back $2/gallon prices at the pump? Isn't this the same person who just celebrated Elvis' "birthing" into heaven? Isn't the same person who claims she doesn't need a teleprompter?
Sooo. They drop the US's credit rating and now we investigate them. I love it!
Does anyone really think we'll get the truth out of anyone on Wall Street
If anything, you have to question the timing of any Federal investigation of S&P right now.
I was kinda hoping that instead of this, the Obama administration's response to the downgrade would be more effective cost reduction and financial management.