SEC Could File Charges against S&P for Meltdown

SEC Could File Charges against S&P for Meltdown

"The recent downgrade on Friday, of the US government by Standard and Poors to question the timing and validity of their downgrade of the full faith and credit of one of the world’s most powerful countries. The action led many to think there was something fishy going on at S&P.

If we go back to 2007 and 2008 just before the Wall Street collapse, we find the rating agency had a hand in the cover up of the real scam going on at AIG, Goldman and Bank of America at the highest possible levels, the CEO’s club of the major US banks. When the Security and Exchange Commission found the source of the derrivative scams, the credit agencies were also under scrutiny and the major rating agency was Standard and Poors."

(snip)

"The names may change, the instruments used may differ but the crime is as old as the hills- its called Fraud, it is criminal and punishment should include deterrents like 20 years in jail. Today S&P may face civil fraud charges for faked and phony credit ratings when they did their analysis of Goldman’s books. A credit rating agency with the reputation that S&P had in the past was all put at risk to give Goldman glowing but fraudulent reports to investors and ultimately to the SEC."

http://www.politicolnews.com/sec-could-file-charges-against-sp-for-meltdown/

Seems the SEC has been investigating S & P for fraud! S & P gave fake reports to investors! Payback?? The article also states that S&P, owned by McGraw Hill, supports Romney for President.

is corrupt to. the. core!

It needs to be dismantled and rebuilt from scratch.

National Affairs: Wealth on Trial
(Time Magazine: Monday, June 12, 1933)

(snip)

The real showman of the Morgan investigation, however, was not a circus pressagent. nor a Senator but the kinky-haired, olive-skinned, jut-jawed lawyer from Manhattan named Ferdinand ("Pick") Pecora. Because Senator Fletcher, who at 74 looks like a wealthy Yankee visitor to his own Florida, is not another "Tom"' Walsh with the mental capacity to prosecute his own investigations, Lawyer Pecora was hired last January as the committee's counsel at $255 per month. He had spent weeks ransacking the records of the House of Morgan for material for this trial of a lifetime. In his first fortnight's performance he proved himself a worthy match for white-haired John William Davis, patrician counsel for Banker Morgan.

Ferdinand Pecora was born in Nicosia, Sicily 51 years ago. His grandfather trooped with Garibaldi. His father, a cobbler, took him to the U. S. when he was 5. He attended public school, started to study for the Episcopal ministry, turned aside to the law. In 1912 he campaigned for Theodore Roosevelt. In 1916 he voted for Wilson. Two years later Tammany gave him a job as deputy assistant district attorney. Until 1930 when he retired, his brains really ran that office where he was the principal courtroom prosecutor. He put more than a hundred "bucket shops" out of business and thereby learned the shady side of the brokerage business. He sent State Superintendent of Banks Frank Warder to Sing Sing for taking bribes in the City Trust Co. scandal. He convicted Anti-Saloon Leaguer William H. Anderson of forgery. He prosecuted bail bond racketeers, crooked milk inspectors, big-time thugs—with 80% convictions. He was in charge of the District Attorney's office in 1923 when Anna Marie ("Dot King") Keenan, Broadway "sweetie," was murdered. For days he withheld from the Press the name of John Kearsley Mitchell, "Dot King's" benefactor, son-in-law of Morgan Partner Edward Townsend Stotes-bury, to save Mitchells family from "needless humiliation and suffering.'"

But the rating agencies need to fall hard fro what they did in 2008.

and charged for the crimes of 2007/8

This is what happens when the criminals are allowed to continue committing crimes.

would SEC let S&P's fraud slide?

nt