The timing is suspect, this should have started 3 years ago. Amazing, how a downgrade can help you take some long awaited action! clo
Justice Department Investigating S.&P. Over Mortgage Securities
The Department of Justice is investigating whether the nation’s largest credit
ratings agency, Standard & Poor’s, improperly rated dozens of mortgage
securities in the years leading up to the financial crisis, according to two
people interviewed by the government and another briefed on such interviews.
The Justice Department has been asking about instances in which the agency’s
analysts wanted to award lower ratings on mortgage bonds but may have been
overruled by S.&P. executives, according to the people with knowledge of the
interviews.
The investigation began before Standard & Poor’s cut the United States’ triple-A
credit rating this month, but is likely to add fuel to the political firestorm
that has surrounded that action.
Read More:
http://www.nytimes.com/2011/08/18/business/us-inquiry-said-to-focus-on-s-p-ratings.html?emc=na
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