AG Holder slams S&P for 'egregious' conduct in ratings

, The National Law Journal

   | 6 Comments

Standard & Poor's manipulation of its financial ratings cost investors more than $5 billion and helped to tank the nation's economy, Attorney General Eric Holder Jr. said in explaining why the government decided to sue the agency.

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What's being said

  • Dissident

    "Put simply, this alleged conduct is egregious—and it goes to the very heart of the recent financial crisis," Holder said during a news conference at the U.S. Justice Department.

    So, if it wasn't for S&P, the financial crisis would never have happened. Nothing to do with lying morthage applicants, lax credit policies by banks, inadequate due diligence by Fannie, etc., undue reliance on the rating agencies by institutional investors, or liberal politicians pushing banks to approve more mortgages.

    Nice theory.

  • Dissident

    "Put simply, this alleged conduct is egregious—and it goes to the very heart of the recent financial crisis," Holder said during a news conference at the U.S. Justice Department.

    So, if it wasn't for S&P, the financial crisis would never have happened. Nothing to do with lying morthage applicants, lax credit policies by banks, inadequate due diligence by Fannie, etc., undue reliance on the rating agencies by institutional investors, or liberal politicians pushing banks to approve more mortgages.

    Nice theory.

  • Dissident

    "Put simply, this alleged conduct is egregious—and it goes to the very heart of the recent financial crisis," Holder said during a news conference at the U.S. Justice Department.

    So, if it wasn't for S&P, the financial crisis would never have happened. Nothing to do with lying morthage applicants, lax credit policies by banks, inadequate due diligence by Fannie, etc., undue reliance on the rating agencies by institutional investors, or liberal politicians pushing banks to approve more mortgages.

    Nice theory.

  • Dissident

    "Put simply, this alleged conduct is egregious—and it goes to the very heart of the recent financial crisis," Holder said during a news conference at the U.S. Justice Department.

    So, if it wasn't for S&P, the financial crisis would never have happened. Nothing to do with lying morthage applicants, lax credit policies by banks, inadequate due diligence by Fannie, etc., undue reliance on the rating agencies by institutional investors, or liberal politicians pushing banks to approve more mortgages.

    Nice theory.

  • ponsoldt

    i'd really like to believe holder and his doj. i really would--especially in view of the damning e-mails. but i can't. holder must go, asap, to restore a sense of competence, etc. to our white collar law enforcement.

  • watchdogman

    This is just Holder/Obama "get even" plan against S&P for downgrading credit rating..What a sleazy bunch of politicians.

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