Ned Pepper's Outrages

Monday, February 4, 2013

S and P's Chickens Roosting?

According to the NYT, the Justice department  is going to sue S and P, a "ratings" agency, for fraud in its role in the financial collapse of 2008-9. Of course, all S and P did was rate Collateralized Debt Obligations, which proved to be highly speculative at BEST, as AAA, as high as US debt at the time.  S and P have had the supreme sneering insolence to downgrade the feds since then. Their excuse at the time was that they were only issuing "an opinion" which was no better than any body else's opinion, a self-evidently preposterous claim. One can only hope they get the 'justice' that we would give them, involving jail time and repayment of salaries and bonuses for the Sneering Plutocrats and their lickspittles, toadies, sycophants and lackeys. Because, make no mistake, the impact on our economic environment from this outrageous action was far greater than the impact on our environment from the Transocean/BP/Halliburton oil spill in the Gulf, and the feds charged BP upwards of 30 BILLION DOLLARS FOR THAT.

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