S&P Under a Microscope by U.S. Dept of Justice after what many describe as a decade of corruption by the US major credit agency owned by McGraw-Hill the parent company.
News that Standard & Poors is being investigated was leaked out within the last 24 hours regarding how they could possibly have rated US Wall Street Banks such as: AIG, BOA, Goldman Sachs with Tripe AAA Ratings while they were pulling a scam before the 2008 Meltdown.
The reason being that they knew or must have known or ought to have known what kind of paper the Banks were selling- unsecured debt.
In the credit business, no one lends you a mortgage unless you can back up the loan with assets, unless you live at the casino on Wall Street. Any credit agency worth their salt does their due diligence and before they write up a glowing Triple A Report on which others make decisions of borrowing or lending from these institutions, they do their homework.
It is obvious, painfully obvious that Standard and Poors did no such homework or investigations to base their ratings on the Wall Street banks that went down. Even to the novice, it all seems connected to Standard and Poors ratings or the ponzi scheme would not have continued all through the eight years of George Bush’s administration of deregulating banks.
The embarrassment of the Security and Exchange Commission who were also asleep at the switch continues in obfuscating their role as a safe guard of the US financial system they failed miserably as well.
This all leads up to the present day volatility in that, President Obama did not go after Wall Street, like he said he would during his 2008 campaign and has yet to put anyone behind bars. If the DOJ were truly serious, and Obama wishes to run for another four years, he cannot leave this behind him and must act now.
Real punishment is the only deterrent against a runaway financial system that is so tragically corrupted and flawed it cannot continue on its present course. Obama has to lay down the law, like they do down in Texas, where Rick Perry presides over 40 percent of the executions.
The people of America want justice so badly, they are willing to throw Obama under his Canadian million dollar bus, if he doesn’t start acting like he cares about getting the crime out of Wall Street.
It is happening all – over – again now.
All of the CEO’s responsible for the 2008 meltdown are still in their executive offices overlooking the New York skyline from the million dollar posh offices and not one of these crooks was punished. In fact, they stole more money on their own investments than they could quickly transfer to offshore accounts in the Bahamas and Cayman Island banks.
Photo: The Banksters
Wouldn’t any red blooded American be angry that these greedy guilty banksters are running free to do more harm to the global banks?
Why isn’t Obama going after these greedy capitalist criminals and take them down like Enron? Just like capturing and killing terrorists outside of the US, Obama must also put his hand to getting rid of the terrorists from within.
These multi-billionaires that in 2008 lined their own pockets while destroying the economy which in turn destroyed the middle class, causing foreclosures and job losses. Their next major goal is to see how big a Christmas Bonus they get this year.
Moody’s is also under investigation for the same fraudulent credit ratings of 2007 where paper traded hands and was sold that wasn’t worth the ink on it.If both of these companies had of done their job, diligently the Wall Street fiasco would have never happened and they played a pivotal key role, in the financial collapse that affected the world.
Since that time in 2008, the world was just getting back on its feet slowly and S&P once again is in the frey and played a major role in pulling the strings that girated the world markets down to the ground again forcing another recession. The credit rating down grade was irresponsible and many financial experts said it was unwarranted especially during a recession. The reasons are politics and greed.
The Damage Continues in 2011
The Banksters Responsible for the Financial Collapse of the United States of America