Justice Department Sues S&P, Alleging Ratings Were Inflated

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Finally, took them long enough to do this. Ratings agencies should be put out of business. They give a false sense of security to investors.

 

From DS News

Justice Department Sues S&P, Alleging Ratings Were Inflated

The Justice Department (DoJ) and Standard Poor's are at odds with others over civil fraud charges stemming from an alleged scheme to defraud investors in the lead-up to 2008's financial meltdown. The DoJ filed a civil lawsuit against S&P and its parent company, McGraw-Hill, Monday, alleging that S&P "knowingly [issued] inflated credit ratings" for collateralized debt obligations in the years before the crash, misrepresenting their creditworthiness and understating their risks. » Read More

 

- Sunil Sethi

 

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