Skip to comments.S&P Accuses U.S. of Suing to Avenge Ratings Drop
Posted on 09/04/2013 6:11:08 AM PDT by reaganaut1Edited on 09/04/2013 6:20:59 AM PDT by Admin Moderator. [history]
Standard & Poor's Ratings Services escalated its legal battle with the U.S. Justice Department, accusing it of filing its $5 billion lawsuit against S&P in "retaliation" for the company's downgrade of America's debt in 2011.
S&P's defense, made in a court filing on Tuesday, shows that the world's largest credit-rating company is digging in as it fights the Justice Department's Feb. 4 lawsuit, which accused S&P of misrepresenting its rating process in the years before the financial crisis.
(Excerpt) Read more at online.wsj.com ...
This is a double pox to me . . .
Obama clearly abuses his power against corporations.
On the other hand, S&P’s research really screwed the pooch on the MBS market, and as one who has access to their equity research, they aren’t much better at that either. The problem is that all the really talented debt researchers work for the hedge funds and mutual funds these days and S&P picks up the scraps left over from the MBA grads.
it’s the Chicago Way...
Similar/ related from 9.3.13
S&P calls federal lawsuit ‘retaliation’ for U.S. downgrade
The DOJ should be suing the IRS for civil rights violations against the Tea Party and other conservative groups, and perhaps itself for spying on Fox News (among other things).
Its not just Obama and Holder.
We have given the US Government and the FED the massive power to rig and manipulate (financial) markets and to pick winners and losers, for desired “social” ends, for national power, for populist headlines and political ends, for crony-capitalist purposes. They are just dedicated leftists are are using it for their cynical ends. Its the definition of fascism, really.