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.
Welcome to giant corporate America where big business rules and government and
people are just a small nuisance in their money making schemes.
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.'
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.
S&P will get what is coming for downgrading US debt. Don't mess with
the government or they will make your life miserable.
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.
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.