U.S. launches civil action against S&P over pre-crisis ratings

[gator996]

Think this would be happening if Romney was POTUS?

http://news.yahoo.com/u-launches-civil-action-against-p-over-pre-063053000--finance.html

U.S. launches civil action against S&P over pre-crisis ratings

(Reuters) - The U.S. government has launched a civil lawsuit against Standard & Poor's and parent The McGraw-Hill Companies Inc over mortgage bond ratings, the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the recent financial crisis.

The government said in a court filing it was seeking civil money penalties from S&P and McGraw Hill.

"Considerations regarding fees, market share, profits, and relationships with issuers improperly influenced S&P's rating criteria and models," the government said.

[LittleBlueLW]

Think this would be happening if Romney was POTUS?

http://news.yahoo.com/u-launches-civil-action-against-p-over-pre-063053000--finance.html

U.S. launches civil action against S&P over pre-crisis ratings

(Reuters) - The U.S. government has launched a civil lawsuit against Standard & Poor's and parent The McGraw-Hill Companies Inc over mortgage bond ratings, the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the recent financial crisis.



Yes.

[gator996]

Highly unlikely to say the least...

The 1st financial services president would have been attacking the ratings agencies?
That's rich...

:laugh:

[LittleBlueLW]

Highly unlikely to say the least...

The 1st financial services president would have been attacking the ratings agencies?
That's rich...

:laugh:

Rich is what Obama's buddies on Wall Street have become on his watch.

But hey, hypotheticals are great when you have no actual proof of anything.

[gator996]

Yes, the GOP has had nothing to do with the stalling of Dodd-Frank...

..the GOP continues to fight all regulation regarding the financial services industry.

And you want to claim that Romney would have done something here?

:laugh:

Talk about hypotheticals!! :rolleyes:

[PSGator66]

There are bigger issues with the government than this so next..............

[gator996]

There are bigger issues with the government than this so next..............


Bigger issues than dealing with one of the problems that crushed the economy?

:huh:

[gatorman_07732]

Bigger issues than dealing with one of the problems that crushed the economy?

:huh:

Running around leveling lawsuits is not going to help this economy

[LittleBlueLW]

Yes, the GOP has had nothing to do with the stalling of Dodd-Frank...

..the GOP continues to fight all regulation regarding the financial services industry.

And you want to claim that Romney would have done something here?

:laugh:

Talk about hypotheticals!! :rolleyes:

Actually you implied that he wouldn't, so prove it. I won't hold my breath.

[gator996]

Running around leveling lawsuits is not going to help this economy


Right, in some other thread you'll be the first one screaming that no one has been held accountable in the mortgage mess also...

Newsflash...Obama has an administration...he isn't personally working on this case, so he's still free to work on the economy, immigration, etc.

[gator996]

Actually you implied that he wouldn't, so prove it. I won't hold my breath.


You shouldn't...

Small minds play small games...

Given the fact that Romney lost the election it can't be PROVED.

It was an opinion obviously which one can debate the probability of but can't prove since it can never happen in reality.

But if anything leads you to believe that anyone in the GOP leadership gives sh!t about holding corporations accountable for their actions please share with us the details....

[108]

to answer the question:

NO! They have fought tooth and nail against any regulation of any industry

[G8trGr8t]

Do you find it just a bit odd that the only ratings agency they filed against was the one that downgraded US debt? Moody's gave the same ratings yet there are no charges against them.

This is nothing more than a political shot across the bow for ratings agencies currently contemplating further downgrading of us debt due to all the printing 0 has done.

ANd do we really need to post the bawney fwank video of him castigating the regulators that were trying to tell his committee that fannioe and freddie were out of control and creating a giant bubble again? get a clue, the seeds for the housing crisis were laid when reno and clinton told banks to lend to everybody or they would go after them and then had fannie and freddie agree to take the paper off their hands. they created the bubble and W was too stupid to let the air out of it slowly.

How dare they question the character of a fine man like Franklin Raines?

and as I recall, it was Clinton that signed the repeal of Glass-Steagel. stupid pubs and stupid dems approved it to get that far and they did so at the urging of the clinton administration..not everybody deserves to own a home regardless of what some idealists might think

<iframe width="640" height="360" src="http://www.youtube.com/embed/IyqYY72PeRM?feature=player_detailpage" frameborder="0" allowfullscreen></iframe>

<iframe width="640" height="360" src="http://www.youtube.com/embed/iW5qKYfqALE?feature=player_detailpage" frameborder="0" allowfullscreen></iframe>

2005 bawney - no housing bubble

<iframe width="640" height="360" src="http://www.youtube.com/embed/LPSDnGMzIdo?feature=player_detailpage" frameborder="0" allowfullscreen></iframe>

bush warning congress about fannie/freddie

<iframe width="640" height="360" src="http://www.youtube.com/embed/hxMInSfanqg?feature=player_detailpage" frameborder="0" allowfullscreen></iframe>

[gator996]

Revisionist history at its finest...

Bush never gave a damn economic press conference that had anything other than "record levels of homeownership" as its hallmark achievement...

I don't find it unusual at all they started with S&P....
If the US government was a corporation.... the 1st agency I would have a problem with is the one that downgraded me.

Happens all the time in corporate America...why should that surprise anyone?

[LittleBlueLW]

You shouldn't...



It was an opinion obviously which one can debate the probability of but can't prove since it can never happen in reality.

But if anything leads you to believe that anyone in the GOP leadership gives sh!t about holding corporations accountable for their actions please share with us the details....

Do you know who signed into law the bill under which this lawsuit was filed?

Ahem, he was one of those GOP leaders who you say doesnt give a sh!t.

FIRREA was signed into law by President George H. W. Bush on August 9, 1989

So give your partisan crap a rest.

Talk about small minded. You owe me an apology.

But I wont hold my breath.:joecool:

[G8trGr8t]

Revisionist history at its finest...

Bush never gave a damn economic press conference that had anything other than "record levels of homeownership" as its hallmark achievement...

I don't find it unusual at all they started with S&P....
If the US government was a corporation.... the 1st agency I would have a problem with is the one that downgraded me.

Happens all the time in corporate America...why should that surprise anyone?

so all those dems crying that warnings of a housing bubble was all just a smear campaign in the videos are all lip synched and that isn't really them talking. wow...you just seem willing to ignore their own recorded documented testimony....you need to get your head out of the sand and listen to the testimony and the speeches given by the dem leadership everytime somebody tried to bring this up for discussion.

[Gatorrick22]

Running around leveling lawsuits is not going to help this economy

But, that's all the Leftists can do to change the U.S..

The only difference between the U.S. and Russia is in business is, there you pay the thugs not to ruin your business/profits and here we pay the lawyers for that same protection.

Our freedoms are disappearing more and more as we speak.

[gator996]

Do you know who signed into law the bill under which this lawsuit was filed?

Ahem, he was one of those GOP leaders who you say doesnt give a sh!t.

FIRREA was signed into law by President George H. W. Bush on August 9, 1989

So give your partisan crap a rest.

Talk about small minded. You owe me an apology.

But I wont hold my breath.:joecool:



I don't owe you crap...

You bring up a law thats 20 plus years old to explain the actions of today's GOP?
:laugh:

Better yet hold your breath...a real long time...
:joecool:

[gator996]

so all those dems crying that warnings of a housing bubble was all just a smear campaign in the videos are all lip synched and that isn't really them talking. wow...you just seem willing to ignore their own recorded documented testimony....you need to get your head out of the sand and listen to the testimony and the speeches given by the dem leadership everytime somebody tried to bring this up for discussion.



Who cares?

I know already know what happened, who's guilty, and what needs to be reformed.

You seem to be stuck on level one...

The rest of us are dealing with level two & three...



Tell us again what changes Republicans have put forth since the mortgage crisis that are directed at financial industry in response to what happened?
:angry:

[LittleBlueLW]

I don't owe you crap...

You bring up a law thats 20 plus years old to explain the actions of today's GOP?
:laugh:

Better yet hold your breath...a real long time...
:joecool:

Today's GOP has nothing at all to do with the topic discussed in your OP. None, nada, zilch.

You apparently dont understand the law under which the current administration is filing the suit was signed into law by that bad ol man Bush (can you say GOP?) 23 years ago. If he hadnt signed the bill into law 23 years ago, there would be no basis for this Federal lawsuit and you wouldnt be here getting your head bashed in with the facts.

Be careful with the small minded crap.

[Gatorrick22]

I don't owe you crap...

You bring up a law thats 20 plus years old to explain the actions of today's GOP?
:laugh:

Better yet hold your breath...a real long time...
:joecool:

Be careful, he might sue you for that apology.

[wargunfan]

This'll teach that bad old ratings agency to interfere with the ruination of the country. Let's all watch while the Obama thug "Justice" Department ruins Standard and Poors. Eric Holder's picture belongs on the wall of shame right there next to Janet Reno. I wonder which one holds the title of having the most innocent people murdered?

[Gatorrick22]

This'll teach that bad old ratings agency to interfere with the ruination of the country. Let's all watch while the Obama thug "Justice" Department ruins Standard and Poors. Eric Holder's picture belongs on the wall of shame right there next to Janet Reno. I wonder which one holds the title of having the most innocent people murdered?

Isn't he in jail for accessory to murder?

[G8trGr8t]

It would be interesting to know who was shorting S & P heavily the last month or so.

[Gatorrick22]

It would be interesting to know who was shorting S & P heavily the last month or so.

Me too. I thought insider trading was against the law, even for politicians.

[Dreamliner]

Translation: government looking for ways to scrounge up more cash. Between this and "helping us" with our retirement funds, they could catch their second wind.

[HALLGATOR]

No need for the insults folks.

[gator996]

Today's GOP has nothing at all to do with the topic discussed in your OP. None, nada, zilch.

You apparently dont understand the law under which the current administration is filing the suit was signed into law by that bad ol man Bush (can you say GOP?) 23 years ago. If he hadnt signed the bill into law 23 years ago, there would be no basis for this Federal lawsuit and you wouldnt be here getting your head bashed in with the facts.

Be careful with the small minded crap.


Can you say democratic congress authors the bill that Bush signs?
(How cheap to afford Bush I the only "credit"...)

Is this the perfect picture of partisan myopia...

Debating credit for a 20 plus year old law for a previous & unrelated mortgage crisis?


Hilarious.


You think FIRREA regulation could pass the GOP today?

:laugh:

It strengthed CRA, allowed for personal liability for bank officers, allowed for penalties for misrepresentation on banks, it created 2 more gov't agencies by creating the OTS & FHFB, and mandated subsidies for low income housing.

Its blamed for the credit crunch in the early 90's that occured in the mortgage industry.


Tell me again about what I don't understand...



What do you understand?

[MichiGator2002]

You can find the 401k/IRA seizure idea in various egghead proposals over the years, so it is one of those things that will spew forth as an attempt by the political left from everywhere and nowhere at once.

So let's leave aside getting distracted by trying to trace the idea and stay ideological -- is there anyone willing to go out and say that such a thing is legal or moral? That they would support it if proposed?

[LittleBlueLW]

Can you say democratic congress authors the bill that Bush signs?
(How cheap to afford Bush I the only "credit"...)

Is this the perfect picture of partisan myopia...

Debating credit for a 20 plus year old law for a previous & unrelated mortgage crisis?


Hilarious.


You think FIRREA regulation could pass the GOP today?

:laugh:

It strengthed CRA, allowed for personal liability for bank officers, allowed for penalties for misrepresentation on banks, it created 2 more gov't agencies by creating the OTS & FHFB, and mandated subsidies for low income housing.

Its blamed for the credit crunch in the early 90's that occured in the mortgage industry.


Tell me again about what I don't understand...



What do you understand?


What does an answer to another hypothetical question do for this conversation? Who gives a frogs fat ass whether or not FIRREA could pass today. The fact is, it did pass, Bush signed it and it is the law under which Attorney General is filing this suit.

This is a good thing and, :whoa:, it's bipartisan whether you like it or not.

Comprende?

[gator996]

What does an answer to another hypothetical question do for this conversation? Who gives a frogs fat ass whether or not FIRREA could pass today. The fact is, it did pass, Bush signed it and it is the law under which Attorney General is filing this suit.

This is a good thing and, :whoa:, it's bipartisan whether you like it or not.

Comprende?

Oh, it became bipartisan now... :laugh:

OK, its obvious you need help here...

To recap...

My opinion, a Romney DOJ never brings this action
My point, GOP isn't doing anything about accountability for financial crisis
Some argue that lawsuits are not important
You argue that the GOP does care because of 20+ yr old bipartisan law

And to answer your question...

Everyone should give a "fat frog's ass" whether financial regulation can pass this house GOP because obviously we've had another RE crisis since the S&L crisis which is what put FIRREA into existence.

I suppose you believe that no further regulation is required.

It amazing...you guys bitch about Fannie & Freddie losing money and when the DOJ tries to recover taxpayer money from fraud you complain that government is wasting its time.

Some are giving credit to the GOP....some think its a gov't takeover...some think its a waste of time....


The only facts here are the DOJ has been bringing lawsuits against those organizations who tanked this economy and stole taxpayer money and defrauded customers.

And that's occuring because of the Obama administration....

Not George Bush I....
Not the GOP who has been fighting all regulation....

Because of Obama & Eric Holder...


That is all.
:yes:

[LittleBlueLW]

Oh, it became bipartisan now... :laugh:

OK, its obvious you need help here...

To recap...

My opinion, a Romney DOJ never brings this action
My point, GOP isn't doing anything about accountability for financial crisis
Some argue that lawsuits are not important
You argue that the GOP does care because of 20+ yr old bipartisan law

And to answer your question...

Everyone should give a "fat frog's ass" whether financial regulation can pass this house GOP because obviously we've had another RE crisis since the S&L crisis which is what put FIRREA into existence.

I suppose you believe that no further regulation is required.

It amazing...you guys bitch about Fannie & Freddie losing money and when the DOJ tries to recover taxpayer money from fraud you complain that government is wasting its time.

Some are giving credit to the GOP....some think its a gov't takeover...some think its a waste of time....


The only facts here are the DOJ has been bringing lawsuits against those organizations who tanked this economy and stole taxpayer money and defrauded customers.

And that's occuring because of the Obama administration....

Not George Bush I....
Not the GOP who has been fighting all regulation....

Because of Obama & Eric Holder...


That is all.
:yes:

Well perhaps you should just state your case in your OP rather than posing a hypothetical for which there is no right answer in your mind.

You still have no idea whether or not these suits would be going forward if Romney were elected. And that was the topic of the OP.

[gator996]

Well perhaps you should just state your case in your OP rather than posing a hypothetical for which there is no right answer in your mind.

You still have no idea whether or not these suits would be going forward if Romney were elected. And that was the topic of the OP.


You are now in charge if setting posting rules?
I can't state a hypothetical?

OK, let's state a fact...
....the GOP has done nothing since the mortgage crisis in terms of reform...

:whoa:

[G8trGr8t]

and the dems have done the exact same amount. nothing meaningful has been done to address the real problem, just political grandstanding and feel good legislation that addresses symptoms and does nothing to cure the disease.

just like 0care. does nothing to address the real problem of cost of healthcare and the drain it puts on the economy. all hat, no cattle

and it is convenient how you fail to address any of the videos that show the dems protesting against the notion of a housing bubble or possible problems at fannie and freddie.

[LittleBlueLW]

You are now in charge if setting posting rules?
I can't state a hypothetical?

OK, let's state a fact...
....the GOP has done nothing since the mortgage crisis in terms of reform...

:whoa:

Not at all. It just shows your original intent was to bait rather than discuss.

And I agree that the GOP hasn't done jack. But then again, they dont hold the highest seat in all the land either. Perhaps some real leadership from anyone would bode well for those of us who dont give a rip which side does it.