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Lawmaker probing if Treasury meddled in S&P rating
Reuters ^ | 7/27/11 | Sarah N. Lynch and Rachelle Younglai

Posted on 07/27/2011 6:37:38 PM PDT by markomalley

A congressional panel is examining whether the Obama administration tried to unduly influence Standard & Poor's before the credit rater revised its outlook on the debt rating to negative.

Randy Neugebauer, the Republican chairman of a House oversight panel, said on Wednesday his staff is probing whether Treasury tried to make material changes to a draft of S&P's news release announcing the negative outlook revision in April.

"Our concern was if the administration was trying to influence this rating decision some -- above what would be a normal practice," Neugebauer told reporters after a hearing examining oversight of the credit rating industry and the role the raters are playing in U.S. debt talks.

(Excerpt) Read more at reuters.com ...


TOPICS: Breaking News; Business/Economy; Government
KEYWORDS: 201104; creditrating; geithner; randyneugebauer; sp; standardpoors; treasury

1 posted on 07/27/2011 6:37:40 PM PDT by markomalley
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To: markomalley

This wouldn’t surprise me.
The administration will have a lot to answer for when the real adults retake authority.


2 posted on 07/27/2011 6:41:58 PM PDT by Eric in the Ozarks (Eh ?)
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To: markomalley

If Al-Reuters is reporting this it could be huge!


3 posted on 07/27/2011 6:47:04 PM PDT by WellyP (REAL)
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-- above what would be a normal practice,...

Yeah? Anything more that we all should probably know about NOW?

4 posted on 07/27/2011 6:48:04 PM PDT by Michael Barnes
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To: markomalley

Reuters!?!?! Reuters is reporting a negative on their king? Wow, some in the lame stream press must be really ticked at zero!


5 posted on 07/27/2011 6:57:19 PM PDT by jeffc (Prayer. It's freedom of speech.)
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To: markomalley

S&P charges a fee to rate entities...duh... how do you think they will rate a paying client.

S&P rated AIG, Lehman, Bear Stearns, Fannie Mae derivitaves all “AAA” right up to only hours before they collapsed.

Did the sleazest Administration since tammany hall, slide up to S&P execs and try to buy a rating?

Lol!

This is no story, it’s SOP!


6 posted on 07/27/2011 7:14:07 PM PDT by swamprebel ((jmho))
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To: WellyP
Not really.... Reuters already did its own "review" and found Obama blameless:

"A review of the emails by Reuters shows efforts by S&P and Treasury officials to hold discussions ahead of the outlook review. They also show an interest by Treasury in obtaining a draft copy of S&P's press release.

There was no indication in the emails that Treasury was unhappy with the review or tried to influence the press release."

7 posted on 07/27/2011 7:33:31 PM PDT by Cementjungle
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To: Eric in the Ozarks

You mean like they answered when W and the repubs took over in 2000?


8 posted on 07/27/2011 7:42:20 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: markomalley

The SEC’s been investigating both S&P and Moody’s. I wondered if someone was going to look into the timing.


9 posted on 07/27/2011 8:04:37 PM PDT by mewzilla (Forget a third party. We need a second one.)
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To: swamprebel; All

Supposedly sovereign ratings are free, but who knows.


10 posted on 07/27/2011 8:20:55 PM PDT by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: markomalley
One wonders if it has anything to do this:

The $1 Billion Armageddon Trade Placed Against The United States Bond Market

http://www.freerepublic.com/focus/f-news/2753857/posts

This shorting trade, combined with another suspicious piece of news:

Hero to liberals, Soros ends hedge fund career to escape regulations

http://wapo.st/nbbL2f

Tells me that Soros--who is now privatizing Soros Fund Management to escape SEC oversight--has started to place major "shorting" positions not only in the USA, but in stock markets around the world because once the manure hits the fan, Soros could make enough profits from these shorting positions to buy a huge amount of stocks and real estate at highly distressed prices and make a huge fortune down the road--the same tactic used by another highly ruthless financier, one Joseph P. Kennedy, Sr., who saw his net worth grow by a factor of 45 by deliberately driving down stocks during the height of the Great Depression, bought a whole bunch of stocks and distressed real estate from 1929 to 1932, and sold them from 1935-1938 at a GIGANTIC profit. (I believe it was in this period that the main building at the Kennedy compound in Hyannis Port, MA was expanded to its current size.)

11 posted on 07/27/2011 8:29:50 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: markomalley

Think Gheitner, the former president of the Federal Reserve Bank of NY knows some guys at S&P and Moody’s?


12 posted on 07/27/2011 8:55:41 PM PDT by americanophile ("this absurd theology of an immoral Bedouin, is a rotting corpse which poisons our lives" - Ataturk)
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To: Eric in the Ozarks

Don’t hold your breath; this dope is the beneficiary of the soft bigotry of lowered expectations. I don’t think he’ll be held to account for anything.


13 posted on 07/28/2011 4:05:50 AM PDT by kearnyirish2
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To: swamprebel

And that is why, IMHO, S&P ratings aren’t worth jack sh1t.


14 posted on 07/28/2011 5:41:25 AM PDT by upchuck (A default is not an economic event. It is a political event. Cut NOW, not in ten years.)
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To: RayChuang88

“One wonders if it has anything to do this:
The $1 Billion Armageddon Trade Placed Against The United States Bond Market
http://www.freerepublic.com/focus/f-news/2753857/posts
This shorting trade, combined with another suspicious piece of news:
Hero to liberals, Soros ends hedge fund career to escape regulations”

____________________

And this morning we read “all 53 Senate Democrats signed a letter tonight to House Speaker John Boehner saying essentially that they would RATHER LET THE US DEFAULT ON ITS DEBT than pass the House GOP plan that would cut spending and force another vote next year.”

Is this why the marxist puppet and his senate props disdained all budget plans and failed to produce their own?


15 posted on 07/28/2011 6:27:10 AM PDT by BlatherNaut
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