This article was written by Douglas French and appears on the Daily Reckoning website. Standard & Poors, a rating agency, is being sued by the Government for $5 billion dollars. Why only S&P? The other rating agencies did the same? As you will see, they have been singled out because they dared to lower the US bond rating. How dare they! -Shorty Dawkins
S&P On the Kill List
by Douglas French
“Paybacks are a bitch,” as they say.
What was Standard & Poor’s thinking back in August 2011, when the ratings agency took the Red, White, and Blue’s AAA rating away? A rating the most powerful government in the history of the world had held for 70 years. S&P downgraded long-term US debt to AA-plus. That score ranks lower than over a dozen governments, including Liechtenstein’s, and is level with Guernsey’s and France’s.
McGraw-Hill Companies (S&P’s owner) may be a big corporation, but you don’t kick sand in Uncle Sam’s face like that and get away with it. Now the government, in the person of Attorney General Eric Holder, is kicking back. The US government is accusing the ratings agency of committing fraud by inflating the ratings of mortgage investments, which, of course, created the financial crisis.
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