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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.
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"We want to be the fastest team in America, fast teams win."
"This is why we spend so much time recruiting because you need playmakers. You need difference makers."
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.
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"The danger to America is not Barack Obama, but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools, such as those who made him their president." Author Unknown
"The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall." Cicero 55 BC
The 1st financial services president would have been attacking the ratings agencies?
That's rich...
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.
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"The danger to America is not Barack Obama, but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools, such as those who made him their president." Author Unknown
"The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall." Cicero 55 BC
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?
Talk about hypotheticals!!
Actually you implied that he wouldn't, so prove it. I won't hold my breath.
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"The danger to America is not Barack Obama, but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools, such as those who made him their president." Author Unknown
"The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall." Cicero 55 BC
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....
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"We want to be the fastest team in America, fast teams win."
"This is why we spend so much time recruiting because you need playmakers. You need difference makers."
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
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?
__________________
.
"We want to be the fastest team in America, fast teams win."
"This is why we spend so much time recruiting because you need playmakers. You need difference makers."
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.
__________________
"The danger to America is not Barack Obama, but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools, such as those who made him their president." Author Unknown
"The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall." Cicero 55 BC
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.
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.
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?
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"We want to be the fastest team in America, fast teams win."
"This is why we spend so much time recruiting because you need playmakers. You need difference makers."
You bring up a law thats 20 plus years old to explain the actions of today's GOP?
Better yet hold your breath...a real long time...
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.
__________________
"The danger to America is not Barack Obama, but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool. It is less likely to survive a multitude of fools, such as those who made him their president." Author Unknown
"The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall." Cicero 55 BC
U.S. launches civil action against S&P over pre-crisis ratings
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