Calif. attorney general sues Standard & Poor's

C

Cancel 2018. 3

<-- sched 2, MJ sched 1
Calif. attorney general sues Standard & Poor's

SAN FRANCISCO (AP) — California's attorney general on Tuesday joined the U.S. Department of Justice and several other states in seeking billions of dollars in damages from the debt rating agency Standard & Poor's for its alleged role in the mortgage crisis.

Attorney General Kamala Harris alleged in a lawsuit filed in San Francisco Superior Court that S&P lured the state's public pension funds, ordinary Californians and others to invest in catastrophically bad mortgage-backed securities with unjustly inflated ratings.

The state's civil charges mirror the allegations the U.S. Department of Justice made in a federal lawsuit filed late Monday in Los Angeles, accusing the company of fraud for giving high ratings to risky mortgage bonds that helped bring about the financial crisis.


Read more: http://www.sfgate.com/news/article/...ues-Standard-Poor-s-4252499.php#ixzz2K4xJtTOh

right...it is S&P's fault...certainly not the elected officials in charge

:rolleyes:
 
Sativa said:
Calif. attorney general sues Standard & Poor's

SAN FRANCISCO (AP) — California's attorney general on Tuesday joined the U.S. Department of Justice and several other states in seeking billions of dollars in damages from the debt rating agency Standard & Poor's for its alleged role in the mortgage crisis.

Attorney General Kamala Harris alleged in a lawsuit filed in San Francisco Superior Court that S&P lured the state's public pension funds, ordinary Californians and others to invest in catastrophically bad mortgage-backed securities with unjustly inflated ratings.

The state's civil charges mirror the allegations the U.S. Department of Justice made in a federal lawsuit filed late Monday in Los Angeles, accusing the company of fraud for giving high ratings to risky mortgage bonds that helped bring about the financial crisis.


Read more: http://www.sfgate.com/news/article/...ues-Standard-Poor-s-4252499.php#ixzz2K4xJtTOh

right...it is S&P's fault...certainly not the elected officials in charge

:rolleyes:
Click to expand...


So the ratings agencies should be given a pass for negligently (at least) slapping AAA ratings I unsafe assets knowing full well that investors (and particularly pension funds, which are oftentimes required to invest a certain portion of their assets in the 'safe' AAA class) are relying on their ratings?

I mean, I'm all in favor of bashing 'the politicians' but lets get real.
 
Sativa said:
Calif. attorney general sues Standard & Poor's

SAN FRANCISCO (AP) — California's attorney general on Tuesday joined the U.S. Department of Justice and several other states in seeking billions of dollars in damages from the debt rating agency Standard & Poor's for its alleged role in the mortgage crisis.

Attorney General Kamala Harris alleged in a lawsuit filed in San Francisco Superior Court that S&P lured the state's public pension funds, ordinary Californians and others to invest in catastrophically bad mortgage-backed securities with unjustly inflated ratings.

The state's civil charges mirror the allegations the U.S. Department of Justice made in a federal lawsuit filed late Monday in Los Angeles, accusing the company of fraud for giving high ratings to risky mortgage bonds that helped bring about the financial crisis.


Read more: http://www.sfgate.com/news/article/...ues-Standard-Poor-s-4252499.php#ixzz2K4xJtTOh

right...it is S&P's fault...certainly not the elected officials in charge

:rolleyes:
Click to expand...

It's about time that the ratings agencies faced the heat.
 
I never thought Arthur Anderson should have been executed for its role; but it did!
S & P will be lucky to be allowed to settle for billions in damages and no criminal chargers.
Line up the investment bankers next!
 
You must log in or register to reply here.
Back
Top