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Eric Holder Holds One Half Of US Rating Agencies Accountable For Financial Crisis

Tyler Durden's picture




 

We urge readers to do a word search for "Moody's" in the official department of justice release below. Here are the highlights:

  • DOJ COMPLAINT ALLEGES S&P LIED ABOUT ITS OBJECTIVITY - when it downgraded the US?
  • HOLDER SAYS S&P'S ACTIONS CAUSED `BILLIONS' IN LOSSES - did Moody's actions, profiled previously here, which happens to be a major holding of one Warren Buffett, cause billions in profits?
  • HOLDER SAYS `NO CONNECTION' BETWEEN S&P SUIT, U.S. DOWNGRADE - just brilliant

Pure pathetic political posturing, because it was the rating agencies, whose complicity and conflicts of interest everyone knew about, who were responsible for the financial crisis. Not Alan Greenspan, not Ben Bernanke, and certainly not Wall Street which made tens of billions in profits selling CDOs to idiots in Europe and Asia. Of course, the US consumer who had a gun held against their head when they were buying McMansions with no money down and no future cash flow is not even mentioned.

Full release from the US Depratment of Promoting Injustice for kleptocrat bankers

Department of Justice Sues Standard & Poor’s for Fraud in Rating Mortgage-backed Securities in the Years Leading up to the Financial Crisis
Complaint Alleges that S&P Lied About its Objectivity and Independence And Issued Inflated Ratings for Certain Structured Debt Securities.

Attorney General Eric Holder announced today that the Department of Justice has filed a civil lawsuit against the credit rating agency Standard & Poor’s Ratings Services alleging that S&P engaged in a scheme to defraud investors in structured financial products known as Residential Mortgage-Backed Securities (RMBS) and Collateralized Debt Obligations (CDOs). The lawsuit alleges that investors, many of them federally insured financial institutions, lost billions of dollars on CDOs for which S&P issued inflated ratings that misrepresented the securities’ true credit risks. The complaint also alleges that S&P falsely represented that its ratings were objective, independent, and uninfluenced by S&P’s relationships with investment banks when, in actuality, S&P’s desire for increased revenue and market share led it to favor the interests of these banks over investors. 

“Put simply, this alleged conduct is egregious – and it goes to the very heart of the recent financial crisis,” said Attorney General Holder.   “Today’s action is an important step forward in our ongoing efforts to investigate – and – punish the conduct that is believed to have contributed to the worst economic crisis in recent history.   It is just the latest example of the critical work that the President’s Financial Fraud Enforcement Task Force is making possible.”

Attorney General Eric Holder was joined in announcing the filing of the civil complaint by Acting Associate Attorney General Tony West, Principal Deputy Assistant Attorney General for the Civil Division Stuart F. Delery, and U.S. Attorney for the Central District of California André Birotte Jr.   Also joining the Department of Justice in making this announcement were the attorneys general from California, Connecticut, Delaware, the District of Columbia, Illinois, Iowa and Mississippi, who have filed or will file civil fraud lawsuits against S&P alleging similar misconduct in the rating of structured financial products.   Additional state attorneys general are expected to make similar filings today.

“Many investors, financial analysts and the general public expected S&P to be a fair and impartial umpire in issuing credit ratings, but the evidence we have uncovered tells a different story,” said Acting Associate Attorney General West.   “Our investigation revealed that, despite their representations to the contrary, S&P’s concerns about market share, revenues and profits drove them to issue inflated ratings, thereby misleading the public and defrauding investors.   In so doing, we believe that S&P played an important role in helping to bring our economy to the brink of collapse.”  

Today’s action was filed in the Central District of California, home to the now defunct Western Federal Corporate Credit Union (WesCorp), which was the largest corporate credit union in the country. Following the 2008 financial crisis, WesCorp collapsed after suffering massive losses on RMBS and CDOs rated by S&P.

“Significant harm was caused by S&P’s alleged conduct in the Central District of California,” said U.S. Attorney for the Central District of California Birotte. “Across the seven counties in my district, we had huge numbers of homeowners who took out subprime mortgage loans, many of which were made by some of the country’s most aggressive lenders only because they later could be securitized into debt instruments that were given flawed ‘AAA’ ratings by S&P.   This led to an untold number of foreclosures in my district.   In addition, institutional investors located in my district, such as WesCorp, suffered massive losses after putting billions of dollars into RMBS and CDOs that received flawed and inflated ratings from S&P.”

The complaint, which names McGraw-Hill Companies, Inc. and its subsidiary, Standard & Poor’s Financial Services LLC (collectively S&P) as defendants,   seeks civil penalties under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on three forms of alleged fraud by S&P: (1) mail fraud affecting federally insured financial institutions in violation of 18 U.S.C. § 1341; (2) wire fraud affecting federally insured financial institutions in violation of 18 U.S.C. § 1343; and (3) financial institution fraud in violation of 18 U.S.C. § 1344.   FIRREA authorizes the Attorney General to seek civil penalties up to the amount of the losses suffered as a result of the alleged violations. To date, the government has identified more than $5 billion in losses suffered by federally insured financial institutions in connection with the failure of CDOs rated by S&P from March to October 2007.  

“The fraud underpinning the crisis took many different forms, and for that reason, so must our response,” said Stuart F. Delery, Principal Deputy Assistant Attorney General for the Department’s Civil Division.  “As today’s filing demonstrates, the Department of Justice is committed to using every available legal tool to bring to justice those responsible for the financial crisis.”

According to the complaint, S&P publicly represented that its ratings of RMBS and CDOs were objective, independent and uninfluenced by the potential conflict of interest posed by S&P being selected to rate securities by the investment banks that sold those securities.   Contrary to these representations, from 2004 to 2007, the government alleges, S&P was so concerned with the possibility of losing market share and profits that it limited, adjusted and delayed updates to   the ratings criteria and analytical models it used to assess the credit risks posed by RMBS and CDOs. According to the complaint, S&P weakened those criteria and models from what S&P’s own analysts believed was necessary to make them more accurate. The complaint also alleges that, from at least March to October 2007, and because of this same desire to increase market share and profits, S&P issued inflated ratings on hundreds of billions of dollars’ worth of CDOs.   At the time, according to the allegations in the complaint, S&P knew that the quality of non-prime RMBS was severely impaired, and that the ratings on those mortgage bonds would not hold.   The government alleges that S&P failed to account for this impairment in the CDO ratings it was assigning on a daily basis.   As a result, nearly every CDO rated by S&P during this time period failed, causing investors to lose billions of dollars.

The underlying federal investigation, code-named “Alchemy,” that led to the filing of this complaint was initiated in November 2009 in connection with the President’s Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed nearly 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,900 mortgage fraud defendants. For more information on the task force, please visit www.StopFraud.gov

Due to public interest in this case, the Department of Justice is releasing documents that may not be in an accessible format. If you have a disability and the format of any material on the site interferes with your ability to access some information, please email the Department of Justice webmaster at webmaster@usdoj.gov or contact Adora Andy at 202.514.2007. To enable us to respond in a manner that will be of most help to you, please indicate the nature of the accessibility problem, your preferred format (electronic format (ASCII, etc.), standard print, large print, etc.), the web address of the requested material, and your full contact information so we can reach you if questions arise while fulfilling your request.

 

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Tue, 02/05/2013 - 12:32 | 3216504 maxmad
maxmad's picture

expect US downgrade in 3...2....1...

Tue, 02/05/2013 - 13:36 | 3216781 Water Is Wet
Water Is Wet's picture

I think this preemptive attack on S&P is an attempt to discredit them (even more) before they inevitably downgrade the U.S. again with the infinite debt ceiling and infinite spending.

Tue, 02/05/2013 - 14:29 | 3216901 HoofHearted
HoofHearted's picture

"These are not the droids you are looking for. Damn, it worked for OB1." - Eric Holder

Too bad that motherfucker looks like Lando instead.

Here's my new rallying cry, "Free Sean Egan!!!"

And could Holder just think of looking at the Corzine case? No no no, that decision isn't political.

Fuck me running. I need to get out of this corrupt banana republic. Shit, there aren't even bananas here. What's the fucking point then? Somebody should write a song about having no bananas today...somebody....

Tue, 02/05/2013 - 14:42 | 3217018 markovchainey
markovchainey's picture

Leave Eric Holder alone!  As the head of a major Mexican drug cartel I can say that he has done wonders for my business and brought me and my employees numerous benefits thanks the the generosity of the Fast and Furious program.  He is truly a hero.

Life here in Bizarro World is so fun.

Tue, 02/05/2013 - 16:03 | 3217327 HoofHearted
HoofHearted's picture

so markvochainey is actually Eric Holder? They have the same characteristics, running drugs and not running guns. No no no, not us. That was a "sting" operation. Trust us. 

Tue, 02/05/2013 - 19:44 | 3218179 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Oddly appropiate considering we live in bizarro world and in line with theme of having no bananas.

https://www.youtube.com/watch?v=PrmBWtOWYsA

Wed, 02/06/2013 - 03:04 | 3219193 Hobie
Hobie's picture

You asked for it HoofHearted. I think you know the tune...

 

O where have the bananas gone, 

We suffer waves of pain, 

The purple guys won superbowl 

Beyonce lip synced again! 

America! America! 

God shed his seamen in Greece 

And Egypt's muslim brotherhood 

Will charge us more to use their sea! 

 

O stinky like bad pilgrim feet 

Those wankers on Wall street

A thoroughfare of freedom lost

Here and in the Middle East! 

America! America! 

John Corzine knows the score, 

Too big to fail or go to jail, 

No liberty in law! 

 

O beautiful war heroes lost 

In liberating strife. 

Who more than sacrificed themselves

And paid the ultimate price! 

America! America! 

We pray we've still got gold 

But 'til the audit is complete 

We'll print some more cheap green!

etc. etc.

Tue, 02/05/2013 - 15:17 | 3217157 mightycluck
mightycluck's picture

Yes, this is all smoke and mirrors.

Why isn't Holder suing Fannie Mae, Freddie Mac and the FHA? (or at least shut down the FHA)?

This guy has charts showing that FHA, Fannie and Freddie engaged in reckless insurance and mortgage purchases since at least 2001. Why is it solely S&P's fault?

http://confoundedinterest.wordpress.com/2013/02/05/jefferson-the-fha-and...

Tue, 02/05/2013 - 12:33 | 3216510 LongSoupLine
LongSoupLine's picture

Not a single fucking TBTF bank mentioned.

 

Oh, and who were Holder's biggest fucking contributors?...Goldman, JPM, BAC.

 

Fuck you Holder, fucking banking shit eater.  Fuck off asshole.

Tue, 02/05/2013 - 12:56 | 3216585 DaveyJones
DaveyJones's picture

hard to believe that a company caught red handed helping Greece fraudulently cook its books would do something like this. Hard to believe that when that same compnay literally runs the federal reserve and treasury that they would have some pull and immunity.

I think I agree with the historians who believe that, near the end of most empires, finance dominates - out of corruption then desperation 

Tue, 02/05/2013 - 13:00 | 3216619 edb5s
edb5s's picture

So many layers of shit involved here to make this 100% fitting in the new normal. Just saw a headline saying Holder cited "egregious conduct" in this case. Fast and furious anyone? This, along with Moody's not being implicated (for all too obvious reasons), is sickening.

Tue, 02/05/2013 - 13:00 | 3216621 Being Free
Being Free's picture

(November 15, 2005) "With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly." - Ben Bernanke

(May 17, 2007) "All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well. Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable." - Ben Bernanke

hundreds moar...I'd like that little fuckers head on a stick.

Tue, 02/05/2013 - 14:15 | 3216913 HoofHearted
HoofHearted's picture

Now we know why all the 7.62 x 39mm and .223 are drying up. It's getting downright expensive when you can find it on an auction site. Luckily some of us were prepped up. (And some have taken profits selling it to you bitchez who didn't prep.)

Tue, 02/05/2013 - 14:11 | 3216899 Tom_333
Tom_333's picture

Thank you .Succint , clear - and to the point.

Tue, 02/05/2013 - 12:33 | 3216511 Everybodys All ...
Everybodys All American's picture

There are no words to describe how pathetic this justice department under Obama's leadership has performed.

Tue, 02/05/2013 - 12:59 | 3216614 TotalCarp
TotalCarp's picture

Au contraire my friend. They have done a great job protecting interests of their cronies. Dick 'i shoot you' Cheney would be proud.

Tue, 02/05/2013 - 13:11 | 3216670 Everybodys All ...
Everybodys All American's picture

Bush's fault.

Tue, 02/05/2013 - 15:06 | 3216972 Albertarocks
Albertarocks's picture

Right on.  This has got to be a new all time low in the practice of political scapegoating and shirking of responsibility.  Holder is just stunningly pathetic.  A whole new type of transparent plastic has been revealed.

Tue, 02/05/2013 - 12:34 | 3216512 wherewasi
wherewasi's picture

Please excuse my ignorance.  I don't understand any of the ratings-related processes.  Can someone explain to me what the motivation would be for S&P/Moody's or any other rating agency to commit this kind of fraud?  Where's the money(implied)?

 

Thanks

Tue, 02/05/2013 - 12:42 | 3216532 BlueCollaredOne
BlueCollaredOne's picture

Lehman here, but my understanding is that when rating agencies rated CDO's and MBS as AAA, they were essentially giving both those entities their blessing for the average joe to go ahead and invest in them.  

They were of course receiving money from the entities involved in pushing the pieces of shit to give them such a high rating when everyone knew they were junk status. Those same pieces of shit were then shorting them and raking in millions. Think of it as paying off the referees.

Watch the movie "Inside Job."  

Tue, 02/05/2013 - 15:02 | 3217101 ajax
ajax's picture

 

SOS  SOS  SOS 

Has anyone found a link to "American Casino" the 2009 film by Leslie and Andrew Cockburn?? An online stream link anyone? I have heard it is better than "Inside Job". Here's the interview from Cspan:

http://www.youtube.com/watch?v=rKKvMJeBBSA

 

SOS  SOS  SOS  link please please

 

 

Tue, 02/05/2013 - 22:27 | 3218573 StychoKiller
StychoKiller's picture

Both you and Eric Holder need to read "The Big Short", by Michael Lewis. 

"S&P publicly represented that its ratings of RMBS and CDOs were objective, independent and uninfluenced by the potential conflict of interest posed by S&P being selected to rate securities by the investment banks that sold those securities."

Insofar as S&P, Moody's & Fitch are concerned, that is what these companies believed to be true; unbeknownst to them, the Banksters had figured out their ratings alorithms and gamed the CDOs/MBSs/etc to make sure they would get a AAA rating.  S&P, Moody's and Fitch were simply incompetent to be rating these "Financial Weapons of Mass Destruction!"  In this instance, S&P, Moody's and Fitch did NOT have to be part of the conspiracy, their participation can be explained as simple stupidity.

Tue, 02/05/2013 - 12:43 | 3216551 ShrNfr
ShrNfr's picture

They get paid by the issuer to rate new issues. Bsically, bogus ratings are up for auction to the highest bidder. Highest bidder is the one who gives the best ratings.

Tue, 02/05/2013 - 12:47 | 3216571 wherewasi
wherewasi's picture

I'm reminded of the line: "Wow, that's some catch, that Catch 22..."

 

Nice f'ing process... Jesus, God save us all.

Tue, 02/05/2013 - 14:44 | 3217011 jayman21
jayman21's picture

I would add that the AAA rating was important if one is going to use these pieces of paper as collateral.  All the bigs did just that and most of the paper ended up in the Repo market.  When they lost the AAA rating, the repo market needs new collateral within 24 hours or the market gets......well you saw what happened when Lehman failed and Bear failed.  The collateral was no longer AAA.

 

**edit in honor of "longsoupline" ** fuck you Bernacke, fuck you Holder......it never gets old and always worth a few precious green arrows.

Tue, 02/05/2013 - 12:57 | 3216586 NoDebt
NoDebt's picture

Two things to keep in mind through all this:

1.  The ratings agencies are paid by those issuing/marketing the debt.  In short, they're paid by the same people whose debt they are rating.  An obvious area for conflict of interest, but one that's been around for so long nobody is unaware of it.  Everyone knew who was buttering their bread.  Just that the butter may have been laid on a lot thicker than usual in certains situations.  Most notably with what are now, in hindsight, called "toxic mortgage assets."

2.  The rating on the debt is important because many institutional investors (read: big investors) often have certain rules or covenants about the minimum rating on a piece of debt they wish to invest in (purchase).  This is common in pension funds and other places that are supposed to buy "boring safe stuff".  So, if you've got a triple-AAA rating on a piece of debt the entire market is potentially your customer (and at a premium price).  Down at triple-BBB the world of potential buyers is much smaller.  Triple-CCC, smaller still.

 

Tue, 02/05/2013 - 13:36 | 3216770 Mercury
Mercury's picture

The government limits the number of officially sanctioned ratings agencies and Moody’s and S&P are pretty much the whole show as far as pension funds are concerned. And the government also makes those ratings requirements for pension funds. Also it is the government that was and is the party most responsible for the prevailing low interest rate environment in the mortgage market and the mispricing of risk in general. Oh, and of course TBTF. That's the government too.

 

Investors and home buyers may now be more wary and it may now be harder for Wall St. to pass off shit as shine but the government hasn’t changed a damn thing on their end.

Tue, 02/05/2013 - 12:34 | 3216513 williambanzai7
williambanzai7's picture

Does Mozillo turn up in the word search?

Tue, 02/05/2013 - 13:57 | 3216859 Banksters
Banksters's picture

Exactly.  Love your work Banzai!

Tue, 02/05/2013 - 12:35 | 3216517 LawsofPhysics
LawsofPhysics's picture

no mention of going after the banks who fixed LIBOR??!?!!?  "Shocker"

Mentioned this to a liberal friend who voted for Obama, didn't get it, didn't know who John Corzine was either.  I educated him, no longer a friend.  fuck em.

Full frontal fascism bitches...

Tue, 02/05/2013 - 12:49 | 3216580 Poetic injustice
Poetic injustice's picture

As Russians say, a friend is person with who you would go to scout hostile territory together.
This person you talked about ain't friend of yours.

Tue, 02/05/2013 - 13:01 | 3216623 TotalCarp
TotalCarp's picture

That has a much better ring to it in russian...

Tue, 02/05/2013 - 12:39 | 3216521 DaveyJones
DaveyJones's picture

Ah, the look over there defense. Does anyone buy this shit anyomore? And notice it's always a CIVIL suit....for the suits. Sure the "settlement" will be 10% of one years' profits  

Tue, 02/05/2013 - 12:53 | 3216592 ArkansasAngie
ArkansasAngie's picture

Shareholders' profits not bonuses.

Tue, 02/05/2013 - 12:36 | 3216525 DavidC
DavidC's picture

Martin Armstrong's had a lot to say about Holder.

DavidC

Tue, 02/05/2013 - 14:45 | 3217025 NotApplicable
NotApplicable's picture

Here's an interesting excerpt from a recent Armstrong article. Not about Holder specifically, but the whole rotten system in general.

 

I had worked on the idea of taking the IMF’s (International Monetary Fund) SDR (Special Drawing Rights) and try to create a return to an international gold standard to put a check of spending. That would not even get a discussion going because it involved giving up sovereignty. No matter what effort I put in, it was painfully clear – the computer was correct – I was wrong. It is what it is. There is no changing destiny. When Marx tapped into that jealousy of wealth, he unleashed a dynamic that could not be prevented. It did not matter that even one of the Ten Commandments states plainly thou shalt not covet thy neighbor’s possessions which is precisely what socialism does. Nowhere in the Ten Commandments do we see that all people should have the same wealth. The income tax was destroying society sending capital and jobs fleeing offshore, creating an underground society off the books, while eradicating all personal liberty. It appeared that the prohibition against coveting thy neighbor’s possession was really a fundamental tenet to maintain an orderly society and a restraint upon war that is always economically motivated.

 

So I have been there – done that – and all those ideas sound very nice. There is no one who was in the midst of all this as much as I was. I could see what the computer was forecasting. Even armed with that information, I could not prevent the future from unfolding. Dick Army was right. Politics changes direction and because the number one thing Democrats attack is always to punish people who earn more than the average, there would be no hope of creating lasting reform. The attitude of the Democrats has been that we should give them our money so they can play with it – coveting your neighbor’s possessions that even God forbid. Hence, there will never be any lasting reform when things can be altered all the time. Lacking any consistence, the only way to restructure involves political reform and that is hopeless until we Crash & Burn. This is why I say there will NEVER be a gold standard, reasonable tax reform, and it is too late to save Social Security since it is now negative. We simply have to Crash & Burn. Sorry – I tried! I was wrong – the computer was right. So now, we simply have to survive because government pursues its self-interest and that is opposed to that of the individual.

http://armstrongeconomics.com/when-i-was-wrong/

Tue, 02/05/2013 - 12:36 | 3216527 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Stan and Poors an easy target, as opposed to the banks. Then Barry can come out and say see, we're tough on Wall Street, while everyone on said Street enjoys a good belly laugh and moar record profits.

Tue, 02/05/2013 - 13:39 | 3216793 SmallerGovNow2
SmallerGovNow2's picture

No shit.  The banks came up with this crap, all the ratings agencies did was rate the damn things.  Uncover that the ratings agencies were "paid" for triple A ratings.  Now you're getting somewhere...

Tue, 02/05/2013 - 14:46 | 3217036 NotApplicable
NotApplicable's picture

Guilty of aiding and abbetting a "non-crime."

Bizarro World, indeed!

Tue, 02/05/2013 - 12:39 | 3216537 Black Markets
Black Markets's picture

String the fuckers up.

Tue, 02/05/2013 - 12:44 | 3216555 ShrNfr
ShrNfr's picture

Yeah , but after we hang Obama, Dodd, Frank, Raines, Waters, Conyers, and all the rest, what are we going to do with the ratings agencies??

Tue, 02/05/2013 - 12:49 | 3216581 Rainman
Rainman's picture

Nationalize em, what else ?

Tue, 02/05/2013 - 12:45 | 3216559 slackrabbit
slackrabbit's picture

I got the rope, you bring the beer!

Should be quite a party, though we may need more lamposts....and a shitload more rope.

;-)

Tue, 02/05/2013 - 14:13 | 3216904 Tom_333
Tom_333's picture

You can chop up the rope afterwards and sell the pieces on ebay.Should bring a nice profit.

Tue, 02/05/2013 - 16:09 | 3217358 FoeHammer
FoeHammer's picture

Hemp rope is very durable. I'm sure you could get plenty of use out of it.

Tue, 02/05/2013 - 12:41 | 3216538 SillySalesmanQu...
SillySalesmanQuestion's picture

Dear Mr. Holder, did the RMBS's and CDO's just magically appear at the rating agencies...or are you trying to say the banksters were'nt practicing alchemy too? Please get back to us at your conviemence...

Tue, 02/05/2013 - 12:44 | 3216558 ShrNfr
ShrNfr's picture

Sorry, that is privilidged executive information. Kinda like the fast and furious firearms.

Tue, 02/05/2013 - 13:04 | 3216639 ShrNfr
ShrNfr's picture

Sorry, that is privilidged executive information. Kinda like the fast and furious firearms.

Tue, 02/05/2013 - 13:22 | 3216539 Mercury
Mercury's picture

Not Alan Greenspan, not Ben Bernanke, and certainly not Wall Street which made tens of billions in profits selling CDOs to idiots in Europe and Asia. Of course, the US consumer who had a gun held against their head when they were buying McMansions with no money down and no future cash flow is not even mentioned.

Well, lets not forget those idiots or the federal government itself which did everything it possibly could (acts, regs, legal pressure, FNM, FRE) to boost US home ownership rates.

Just a smattering of mortgage market riggin' friggin' from 1989/90 ALONE:

The HUD Reform Act of 1989

The Homebuyers and Renters Relief Act of 1989

The Department of Housing and Urban Development Accountability Act of 1989

The Community Housing Investment Partnership Act

The Recycling of Existing Assets for Cost-Effective Housing Act of 1989

The Low-Income Housing Credit Act of 1989

The Low Income Housing Preservation Act of 1989

The Housing Affordability Act

Homeownership and Opportunity for People Everywhere Act of 1990 (The "HOPE" Act)

Fair Lending Enforcement Act of 1990: To amend the Equal Credit Opportunity Act and the Home Mortgage Disclosure Act

The Housing and Community Development Act of 1989

The Housing and Community Development Act of 1990

The Community Housing Investment Partnership Act

The Homeownership Assistance Act of 1989

The Home Mortgage Overcharge Prevention Act of 1989

The Neighborhood Mortgage Lenders Accountability Act

The Homeownership Through Sweat Equity Act of 1989

The Fair Lending Oversight and Enforcement Act of 1989

And that was way before lawyers like Barrack Obama started suing banks for having mortgage portfolios that didn't "look like America".  Clearly we need more regulation here.

Tue, 02/05/2013 - 13:36 | 3216779 Freddie
Freddie's picture

This is Community Organizing which caused where we are now.

Tue, 02/05/2013 - 13:38 | 3216786 DaveyJones
DaveyJones's picture

wow, the one resource that is not in short supply - idiots

Tue, 02/05/2013 - 12:41 | 3216541 Stuart
Stuart's picture

The US political scene is turning into a Kurt Russell movie..... unfreakin' real.   May as well be the mafia running the joint.

Tue, 02/05/2013 - 12:47 | 3216569 LawsofPhysics
LawsofPhysics's picture

Indeed, at least the mafia actually follow through with real consequences and have some respect for private property.

 

This is worse, this is the liberal mafia.

Tue, 02/05/2013 - 12:52 | 3216587 Confundido
Confundido's picture

You don't get it...do you? The mafia and the liberal mafia are simply different temporal phases of the same shit. In time, the mafia becomes the liberal mafia and they remain there, until they challenge a big motherfucking mafia, that outlaws them, to become the next liberal mafia. 

Tue, 02/05/2013 - 13:33 | 3216762 Clesthenes
Clesthenes's picture

Oh, come on guys; you're all wrong on this.

The government and the MAFIA are as different as night and day.

The first operates during daylight hours... and the other, during night hours. 

Tue, 02/05/2013 - 14:15 | 3216910 Tom_333
Tom_333's picture

Like Trenton,NJ.During daytime government and state officials and after 5PM another crew takes over.

Tue, 02/05/2013 - 13:43 | 3216808 LawsofPhysics
LawsofPhysics's picture

Wrong, the liberal mafia doesn't actually kill anyone in their own territory.  Real mafia men do.

Tue, 02/05/2013 - 13:39 | 3216794 DaveyJones
DaveyJones's picture

the liberal mafia is exactly like the conservative mafia...except their Eagle Scouts can marry

Tue, 02/05/2013 - 12:42 | 3216545 Confundido
Confundido's picture

Did anyone notice how Bberg' Erik Schatzker plainly called S&P "crooks"? Anyone? These guys are done. They will be fed to them Ponzi lions.

Tue, 02/05/2013 - 12:42 | 3216552 slackrabbit
slackrabbit's picture

ps dont downgrade US

 

 

SUBTLE...

Tue, 02/05/2013 - 12:43 | 3216554 falak pema
falak pema's picture

thief thief thief...

All points to the small pick pocket not to those who pull the strings; bigtime.

Remember that line by Claude Rains? 

"Round up the usual suspects"...

Play it again Sam! We're Casablanca bound! 

Tue, 02/05/2013 - 12:44 | 3216560 vamoose1
vamoose1's picture

WHAT FUCKING UNADULTERATED  HORSESHIT    The  ratings agecies  were  BOUGHT   HOLDER  WAS  BOUGHT  THE DOJ IS BOUGHT  

WHO WROTE THE MOTHERFUCKING CHEQUES   WHO PROFFERED THE BRIBES

FUCK ME  NOT  SORRY  FOR  CAPS   GOEBBELS  WOULD  BLUSH

Tue, 02/05/2013 - 14:04 | 3216876 edb5s
edb5s's picture

"What they sued me for, after the downgrade, Goebbels would have blushed"

 

Holder Knows I'm Miserable Now, The S&Ps

Tue, 02/05/2013 - 14:22 | 3216944 Freddie
Freddie's picture

Get a Senate seat like Robert Memendez and you can get taxpayers to pay for your child raping.

Tue, 02/05/2013 - 12:46 | 3216567 syntaxterror
syntaxterror's picture

Eric Holder, how does Warren Buffet's ass pipe taste?

Tue, 02/05/2013 - 12:46 | 3216568 Whoa Dammit
Whoa Dammit's picture

Significant harm was caused by S&P’s alleged conduct in the Central District of California,”

Grasping at straws so those state pensions will be kept afloat a little longer.

Tue, 02/05/2013 - 12:48 | 3216577 Legolas
Legolas's picture

Here's the word of the day:

"EXTORTION"

Extortion - the crime of obtaining money or some other thing of value by the abuse of one's office or authority.

Tue, 02/05/2013 - 12:50 | 3216583 Rustysilver
Rustysilver's picture

Why is S&P not  going on a PR offense. Start pointing fingers at the banks, Moody's and politicians?

Tue, 02/05/2013 - 12:56 | 3216606 vinoverde
vinoverde's picture

They did have a reasonably spirited response on cnbc this morning.

Tue, 02/05/2013 - 12:52 | 3216588 valkir
valkir's picture

No mention for Egan Jones?

Tue, 02/05/2013 - 12:52 | 3216590 f16hoser
f16hoser's picture

Eric Holder is; the fly in the ointment.

Tue, 02/05/2013 - 13:34 | 3216765 Mad Mohel
Mad Mohel's picture

Flies being black and ointment white?

Tue, 02/05/2013 - 12:54 | 3216596 vinoverde
vinoverde's picture

Principal Assistant...Civil Division..way too many lawyers.

Anyway, Mr. Delray will bring you evildoers to Justice, aslong as you are not powerful or politically connected. I just can't stomach this slop anymore.

Tue, 02/05/2013 - 12:55 | 3216599 IamtheREALmario
IamtheREALmario's picture

Thinking that IF Holder is serious (no indication that he is) then he should bring criminal charges against the ratings agencies and the people/companies that paid them to perform the ratings ... criminal fraud and conspiracy come to mind.

Withoug criminal charges, Holder is just a grandstanding sock puppet.

Tue, 02/05/2013 - 12:55 | 3216600 Bastiat
Bastiat's picture

Key to the subprime securities shit-for-shinola fraud was the AAA rating resulting from the credit guarantees of FGIC, AMBAC MBIA - who, prior to that were municipal bond insurers, and issuers of Guaranteed Investment Contracts (investment vehicles for muni bond proceeds).  The story I recall reading in 2008 was that the rating agencies were leaning on the bond insurers because their business model was too narrow.  Some said that the rating agencies pressured the bond insurers into credit wrapping the otherwise unratable securites.  The consequence of this "diversification" of course was to break all the bond insurers resulting in the loss of insured AAA ratings on 100s of billions of municipal bonds. 

Tue, 02/05/2013 - 12:58 | 3216609 Inthemix96
Inthemix96's picture

As I sit here quietly fucking seething at the continued fucking bullshit, lies, deciept and down-right criminality of what these cunts are doing to the rest of us day fucking in, day fucking out, I wonder just how much more these filthy fucking pieces of shit can push us.

These fuckers wont get near a jail in my opinion, they deserve nothing less than being fucking tore apart by the masses.

What happened to mussolini and his mates is too kind for these insane criminal fucks who sit there and laugh as they drive the rest of us into the ground.  These fuckers deserve war declared on them.  And holder you are the biggest criminal of the lot of them you cunt.  I hope someone kills you slowly when it happens scum bag, and drags it out for a week.

Tue, 02/05/2013 - 13:02 | 3216629 NoWayJose
NoWayJose's picture

THere is nothing wrong with billions in losses or with selling a bag of trinkets in exchange for Manhatten Island - UNLESS unelected criminals backstop those losses and future losses with taxpayer money.  Go ahead and buy the San Francisco 49ers, but don't go asking the taxpayer to buy you a set of Super Bowl rings.

Tue, 02/05/2013 - 13:04 | 3216640 Gamma735
Gamma735's picture

Step out of line you get smacked.

 

Yeah, real rule of law.

Tue, 02/05/2013 - 13:44 | 3216664 CaptainSpaulding
CaptainSpaulding's picture

I was watching the 1976 movie Network the other night ( Not the first time). The angry man rants and bombshell news paradigm of today follows the movie to a tee. That Paddy Chayefsky was a fucking genius

Tue, 02/05/2013 - 13:47 | 3216827 secret_sam
secret_sam's picture

If you liked Network, check out The Hospital, too.  Good stuff.

Tue, 02/05/2013 - 13:56 | 3216856 CaptainSpaulding
CaptainSpaulding's picture

One of the special features of the Network DVD set was Paddy Chayefsky on the Dinah Shore show. I could listen to that man for hours. God bless him where ever he is.

Tue, 02/05/2013 - 13:12 | 3216678 Clesthenes
Clesthenes's picture

Oh, what a mess.

The Justice Department is trying to find a scapegoat for the financial crisis… it filed a civil action to collect penalties for a criminal offense… and, worst of all, the charges are true.

Yes, it’s true that S&P misrepresented its “independent” status and gave unjustified ratings in early stages of violating standing property law of at least 4,000 years.

But it’s also true that S&P “recanted” in the summer of 2007 by finally downgrading thousands of RMBS to realistic ratings, along with other rating agencies.  And, rating agencies were hardly the only class of professionals that contributed to the scramble for booty: lawyers, bankers, real estate professionals, appraisers, regulators taking bribes, prosecutors who refused to investigate, much less to prosecute… it’s a long list.

Now, here’s the blockbuster, the government filed a civil action.  To American Founders, it was inconceivable for a government to file a civil action; such were universally regarded, in America and England, as cases between “man and man”, “private citizen and private citizen”.  Such were the numerous declarations during the Revolution; these were “official” declarations; and the Revolution was intended, among many other things, to keep it that way.  Don’t hesitate to do your own due diligence; be sure to give it to a lawyer who is a good devil’s advocate.

Do you realize what would happen if governments were stripped of their practice of filing civil law suits?  They’d have to provide evidence of crimes, even witnesses – the rules of evidence, unconstitutionally, are less strict for civil, as opposed to criminal, offenses.  They’d have to provide restitution to all those who were wrongly jailed or ruined by civil actions.

It would be a mess, but right.

Tue, 02/05/2013 - 13:13 | 3216683 dadichris
dadichris's picture

This action eliminates any doubts that the nation is fully consumed by Crony Capitalism. 

Tue, 02/05/2013 - 13:30 | 3216752 SmallerGovNow2
SmallerGovNow2's picture

you left your sarc switch in the on position...

Tue, 02/05/2013 - 13:14 | 3216691 Cult of Criminality
Cult of Criminality's picture

Holder is a fraud and should be in prison for countless crimes.That fact brings to mind>He is a criminal and what he says should mean nothing to anybody honest.

Tue, 02/05/2013 - 13:16 | 3216696 PAWNMAN
PAWNMAN's picture

The next war has begun in earnest. Government vs. private business. This administration won't rest until we are all wards of the State.

Tue, 02/05/2013 - 14:49 | 3217051 Not Too Important
Not Too Important's picture

This administration, the last several administrations, and every administration going forward.

Only the plutonium will bring this all to a crashing halt.

Viva la plutonium!

Tue, 02/05/2013 - 13:17 | 3216703 Gromit
Gromit's picture

Basel II requires banks to hold reserves according to the quality of the securities which it holds. 

The higher these securities are rated, the lower the reserves that must be held. 

Therfore the rating agencies competed with each other to rate securitization tranches, in return for seven figure fees.

Tue, 02/05/2013 - 14:35 | 3216991 KCMLO
KCMLO's picture

Would the next downgrade for US Treasuries require banks to hold more reserves?  Would it restrict a significant amount of pension funds from being able to buy them?  If so then we might have our smoking gun.

Tue, 02/05/2013 - 14:47 | 3217039 Not Too Important
Not Too Important's picture

Both guns. You hit the nail on the head. Can't force the pension funds to buy UST's if they don't meet PF legal standards.

.gov wants that retirement money!

Tue, 02/05/2013 - 15:04 | 3217108 KCMLO
KCMLO's picture

Or at least it's easier (and more beneficial) to inflate their rating than it would be to force all those PFs/states to lower their required standards.

Tue, 02/05/2013 - 15:22 | 3217170 KCMLO
KCMLO's picture

Also, would PFs be required to sell holdings in securities or USTs if they drop below the qualifying threshold?  (I'm guessing that is fund specific, but interesting effects if so)

Tue, 02/05/2013 - 14:50 | 3217055 Gromit
Gromit's picture

I don't think any reserves need to be held for sovereign debt LOL

Tue, 02/05/2013 - 15:03 | 3217104 KCMLO
KCMLO's picture

I wasn't sure, but considering how things are going, it might be a good requirement... haha.

Tue, 02/05/2013 - 13:26 | 3216740 tradewithdave
tradewithdave's picture

The Breuer Ripple effect. As opposed to the Boone's Farm, Mad Dog 20/20 Brewer effect.

Tue, 02/05/2013 - 13:30 | 3216753 Mad Mohel
Mad Mohel's picture

Holder can hold my ballbag in his fucking mouth. If a ratings agency can't give real ratings, then are they not just reduced to a cheerleading squad?

Tue, 02/05/2013 - 13:30 | 3216754 Nobody
Nobody's picture

SQUIRREL !!!

Tue, 02/05/2013 - 13:36 | 3216777 Legolas
Legolas's picture

This is nothing more than an act of total desparation by the state to intimidate the ratings agencies from lowering US ratings.  Desperate men do desparate things. 

Clearly, the snowball has started its descent from the top of the mountain and is gaining momentum and mass.  This is just a stick thrown in its path to slow it down.

Tue, 02/05/2013 - 13:37 | 3216784 Cult of Criminality
Cult of Criminality's picture

WE THE PEOPLE OF THE UNITED STATES OF AMERICA

 Hold, Holder (no pun intended)  accountable for fast and furious.

BTW how is that 'investigation' going?

And the murders and decapitations and arms you sold and gave away while trying to take American citizens basic form of protection not to mention, suppling terrorists in the Middle east and Africa.Then we have you showing up at the latest shooting drill gone live.

 Is that not enough ? on and on and on...Yet you want us to respect what you say?

 

 BAHAHAHAHAAAHAHAHAHAHAHAHAHAHAH

AHAHAAAHAAAHAHAHAHAAAAAAAAAAAAA ROFLMAO!!

Tue, 02/05/2013 - 13:39 | 3216790 Shizzmoney
Shizzmoney's picture

The DOJ always gets its man; like when it was convicted the US Govt of being responsible in MLK's death in a civil case.......

wait, what?

http://t.co/84hhZLGI

Tue, 02/05/2013 - 13:41 | 3216796 Cult of Criminality
Cult of Criminality's picture

If Holder supplies arms to the same terrorists that supposedly did 911 taking more than three thousand lives in one shot.

What does that make him ?

.................. Just curious

Tue, 02/05/2013 - 13:42 | 3216804 secret_sam
secret_sam's picture

It's really impressive that there was all this fraud and crime and stuff going on and the banks dealing in the mis-rated securities didn't do anything wrong.

And how.

Tue, 02/05/2013 - 13:46 | 3216824 Cult of Criminality
Cult of Criminality's picture

One more thing...Eric Holder

You must be a real big man to, hide behind a desk with armed security all around you while sending a full tactical swat and viper team to throw down on farmers and the Amish people over a little milk.

 You make me sick !

Tue, 02/05/2013 - 14:17 | 3216920 janchup
janchup's picture

C'mon Cult, he's defending our freedoms.

Tue, 02/05/2013 - 13:46 | 3216826 sundown333
sundown333's picture

Eric :Dick Holder masturbates while the world around him goes crash. Maybe he is related to Nero?

Tue, 02/05/2013 - 13:49 | 3216834 Melson Nandela
Melson Nandela's picture

I´m doing my job !. I mean I´m doing my job ( with a 5 year delay ) !! . Try that in the private sector.

The whole rating agency charade is just that, and Holder is a Charade himself. Problem is, I can´t decide between making money from the fraud and picking the moment when the whole fraud falls apart. I not will be the last bag holder (i.e. long /TF at  912).

Tue, 02/05/2013 - 13:50 | 3216838 marcusfenix
marcusfenix's picture

“The fraud underpinning the crisis took many different forms, and for that reason, so must our response,” said Stuart F. Delery, Principal Deputy Assistant Attorney General for the Department’s Civil Division.  “As today’s filing demonstrates, the Department of Justice is committed to using every available legal tool to bring to justice those responsible for the financial crisis.”

 

as a friend of mine who was a NYS state trooper was fond of saying-

"you don't have to commit the perfect crime to get away with it...you just have to be be in charge of the investigation afterwards"

so very true and this is the perfect example of why.

Tue, 02/05/2013 - 13:52 | 3216844 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

It is the new pot calling the kettle black normal.

Tue, 02/05/2013 - 13:59 | 3216864 dizzyfingers
dizzyfingers's picture

Cui bono?

Read slightly differently "Eric Holder Holds One Half Of us ... For Financial Crisis".  Lawyers get richer yet.

Tue, 02/05/2013 - 14:15 | 3216912 janchup
janchup's picture

Don't forget the criminal banksters Eric, don't leave them out.

As if.

Tue, 02/05/2013 - 14:27 | 3216959 Bob Sacamano
Bob Sacamano's picture

The rating agencies have no duty to anyone to be objective, fair, balanced or anything else.  They express opinions.  If those opinions are generally right, readers will find value with them.  If their opinions are generally wrong, readers will ignore them. 

Investors can ignore ratings and issuers can decide not to get ratings -- unless they are mandated to do so by government edict. The fact that federal regulations require ratings on certain securities is 100% the government's fault - not the rating agencies.  S&P has asked to have all rating requirements stripped from federal regulations (which would probably not be helpful to their business). 

No - I am not affiliated with rating agencies or banking.

 

Tue, 02/05/2013 - 14:33 | 3216981 KCMLO
KCMLO's picture

whoops, duplicate

Tue, 02/05/2013 - 14:34 | 3216985 Catullus
Catullus's picture

Fight them, S&P! Embarrass the Justice Department. Make them actually take you to court and wipe the floor with their third rate JC lawyers.

Tue, 02/05/2013 - 14:44 | 3217023 Not Too Important
Not Too Important's picture

Why punish them now with Citi running S&P?

Maybe just a warning to the others? A little late, dontcha know.

FREE EGAN-JONES!

Tue, 02/05/2013 - 14:40 | 3217007 innsbrooklad
innsbrooklad's picture

Two things.....actually three..Buffett owns a slug of Moodys' I think..Second, they are th only agency that downgraded the U.S. \

THIRD::::: They had to rate on the basis of the mortgage information given to them by the Wall Street guys. The only way the rating agencies rate mortgages is by using the ZIP code relating to the mortgage in the pool. A lot of the paper issued in the Louisiana Third Ward to criminals et al had Easthampton. Long Island zips codes.

As usual, Holder and the liberals are going after the wrong guys.

Tue, 02/05/2013 - 14:42 | 3217019 iamtheeggman wh...
iamtheeggman whooooooooooooo's picture

Justice is a blind goddess, a thing to which we have become wise. Her bandages hide two festering sores, that once perhaps were eyes.

hat tip Langston Hughes

Tue, 02/05/2013 - 14:53 | 3217071 Theosebes Goodfellow
Theosebes Goodfellow's picture

It's great to see that "killing the messenger" has not gone out of vogue...

Tue, 02/05/2013 - 14:55 | 3217077 fishwharf
fishwharf's picture

At least Holder is closing down the medical cannabis dispensaries in California.

Tue, 02/05/2013 - 15:16 | 3217155 Westcoastliberal
Westcoastliberal's picture

Okay, so S&P is accused of labeling these "financial instruments" as AAA.  Who made the representation that they were AAA? (You know the answer to that one!) So why aren't they being charged as well for peddling these "shitty deals" wrapped in AAA ratings?

Tue, 02/05/2013 - 15:37 | 3217214 Walt D.
Walt D.'s picture

Why anybody would rate the credit worthiness of California and Illinois above Greece or Spain is beyond me. California and Illinois are dependent on (borrowed) bail outs from the Federal Government.

Credit Rating Agencies are dead. The purpose of a credit rating agency is to alert risk averse investors such as pension funds to bonds they should not hold. Recall that cities in Norway who bought AAA rated bonds were not doing so with the intention of taking a huge risk.

When Chrysler bondholders were not paid out in the order of priority, ALL corporate bonds should have been downgraded.

Once  a credit agency becomes a puppet of the government, its ratings become worthless.

A credit rating agency could choose to rate Greek bonds as AAA. However, this will not alter reality and protect the buyer from default.

 

Tue, 02/05/2013 - 15:57 | 3217295 hidingfromhelis
hidingfromhelis's picture

Prosecute me now, or prosecute me later.  Bet that was the reasoning going on when the ratings agencies were placing the AAA stamp on the financial sewage back when the parabolic ponzi curve was turning up in earnest.  Does anyone honestly think they would have got away with appropriately rating junk as junk at the time?  Which of any of the last several AG's wouldn't have found a way to pound any errant ratings agency into submission?  

Of course it made sense to do as commanded, and they made a lot of money to boot.  Part of the game is hoping that you don't turn out to be the scapegoat down the road.  Win some; lose some.

Tue, 02/05/2013 - 16:18 | 3217375 are we there yet
are we there yet's picture

Eric Holder has shown he does not have to obey or even answer congress. He only answers to BHO of whome only one of his pairents was a US citizen, and he himself may have been born elsewhere, and answers to the centralised banks and financial community more than anyone else.  American actual taxpayers (excluding the entitelment parasites) have little actual controll over anything except paying their taxes quietly or grudgingly. Eric Holder, his boss, and the central banks do not care about gun control, they care about governmtent control. Eric Holder is only the bad odor of a rotten hidden elete.

Tue, 02/05/2013 - 17:55 | 3217781 Coach McGuirk
Coach McGuirk's picture

Maybe, if Holder and the DOJ acts fast and aggressive enough, they can get ALL of the ratings agencies to agree to a ratings moratorium on the federal government for a few years, not just Egan Jones.

Tue, 02/05/2013 - 18:35 | 3217924 Volaille de Bresse
Volaille de Bresse's picture

Frantically searching for scapegoats is usually a good sign that you're neck-deep in shit. 

 

So do you like that smell Eric? 

Tue, 02/05/2013 - 19:11 | 3218056 Tijuana Donkey Show
Tijuana Donkey Show's picture

This is a COVER, just like the mortgage settlement. S&P will write a check, and be exempted from any liability. See GS, JP, BoA, and MS for the play on this one. The agencies NOT getting sued should be worried.

Tue, 02/05/2013 - 21:16 | 3218403 RopeADope
RopeADope's picture

Holder is so full of it. By his logic the Madoff whistleblower caused all the losses, not Madoff himself. This just goes to show how the political elite are desperate to keep the fraudulently inflated financial system propped up instead of addressing the original lies, bs and rampant fraud that enabled decades of looting of America. The Obama administration has only one mandate from the American public and that is to stop the insanity and bring back capitalism without fraud. You cannot build a strong America on a foundation of shit.

Tue, 02/05/2013 - 22:03 | 3218495 laosuwan
laosuwan's picture

two guys playing poker. I'll see your ratings downgrade and raise you one lawsuit. Care to downgrade me again? Meanwhile moodys is still in. people watching think its high stakes; its just a bunch of buddies playing for fun on a saturday night.

 

nothing is real. all governments are corrupt.

Tue, 02/05/2013 - 22:24 | 3218563 Nehweh Gahnin
Nehweh Gahnin's picture

Ummm, Kyle Bass didn't believe that shit, and I guaran-damn-tee you that JP Morgan not only didn't believe any of the ratings, they forced those ratings.   Holder might have been in the know, but perhaps not, seeing as about that time he had his tongue all the way up Rumsfeld's ass on the extraordinary renditions and torture.

Fuck you, Holder.  The only reason that S&P downgraded the U.S. is because you threatened them with a lawsuit if they didn't start coming clean on their ratings.  Well, they did ... finally.  You are in line to swing when the SHTF, boy.

Wed, 02/06/2013 - 03:10 | 3219202 Hobie
Hobie's picture

Ratings agencies are irrelevent. They can't stop this shit from happening.

Wed, 02/06/2013 - 05:36 | 3219293 Quaderratic Probing
Quaderratic Probing's picture

Ratings at the time were protected by 1st Amendment. Can't win case is showboat bullshit

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