Tuesday, February 5, 2013

Credit agency sued by US government

The BBC today reported Standards & Poor's will be sued by the US government. Two years ago, the BBC already reported that S&P has suffered a fraudulent ethical breakdown according to the SEC. Not long after, the credit agency went on to downgrade several nations at the beginning of last year. The agency, of course, denies all wrong doing in the lawsuit that will focus on the agency's high ratings in 2007 of mortgage-backed securities that later collapsed. All in all, some accountability in action. Not a bad thing.

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