(4 pm. – promoted by ek hornbeck)
The old saying is No Good Deed Ever Goes Unpunished.
The worlds largest credit rating agency probably thought it was doing a good deed, doing its job for investors, in the wake of the tumultuous spending debate, by downgrading US Treasury debt for the first time ever from AAA to AA+.
[..]The U.S. lost its esteemed AAA credit rating after being downgraded by Standard & Poor’s Friday, eroding the elite standing it has held in global markets for more than 70 years.
But as this new Orwellian world we live in dictates … the audacity of such move has drawn attention to the credit ratings agency.
The NYT headline reads “U.S. Inquiry Is Said to Focus on S.&P. Ratings” … but I might write it as “I’ts about Freaking Time!”
The Justice Department 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.
In the end there’s a lot of huffing and puffing but they haven’t dont nothing!
We teeter closer to the edge every day. Stand by … we may see somebody actually go to jail before too long.