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Comments about ‘US sues S&P over pre-crisis mortgage ratings’

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Published: Tuesday, Feb. 5 2013 10:15 a.m. MST

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freedomingood
provo, Utah

Good. They all testified to congress that their ratings were protected as free speech so they felt they had no culpability in the disaster. Geesh, A "regular person" could go to jail for a lifetime for something much less damaging and all they will get is a civil lawsuit.

skeptic
Phoenix, AZ

Welcome to giant corporate America where big business rules and government and people are just a small nuisance in their money making schemes.

Pagan
Salt Lake City, UT

Mitt Romney on Forclosures' – NY Times – 11/26/11

'In interviews and in the Republican presidential debates, Mr. Romney has said that the cure for foreclosures is for the government to get out of the way and let the process RUN IT'S COURSE.'

Say No to BO
Mapleton, UT

And when you're done with S&P, go over to HUD and investigate their activities. It was pressure from the government to put everyone in a house that created the demand in the first place. The threat of a Redlining injunction set the banks in motion.
And take a look at Barney's pals over at Freddie and Fannie.
Let's not stop at the ratings services; let's get to the heart of the matter. The thing that made these bundles smell was the bad loans everyone was approving.

SoUtBoy25
Cedar City, UT

S&P will get what is coming for downgrading US debt. Don't mess with the government or they will make your life miserable.

cjb
Bountiful, UT

The problem with fining companies for this and similar misbehavior is this ...

If the company executives engage in this or similar misbehavior, the company very well may make a bigger profit in the quarter resulting in a bigger bonus to the executives. However if they get caught, the company will get sued maybe at some later date and if that happens it is the company that pays, not the executives.

In this case, if the company wins I doubt executives that profited from these misdeeds will be personally liable to even give up what they gained, let along be fined beyond that.

terra nova
Park City, UT

So now it is Standard and Poors. They wanted to make money. Before that it was the big banks - who also wanted to make money. Before that is was the conspiring appraisers, loan officers and real estate agents... who wanted to make... money. No one ever really questioned the politicians who pressed for looser mortgage rules so everyone could have a house. No... couldn't be them. They just wanted your vote. They wanted power.

Which is sort of why everyone else wanted more money.

Did someone hold a gun to the head of the people that bought the homes? No. They wanted to make money too.

"We have met the enemy... and he is us"

We've bought in to the secret of Master Mahan. Hook, line and sinker. Until we alter our ways, until we have a change of heart, the cycle will continue and the losses will mount.

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