Justice Department Joins Probe of S&P, Rivals Over Crisis-Era Ratings .

[underpants]

Source: Wall Street Journal

The U.S. Justice Department has joined the Securities and Exchange Commission in investigating Standard & Poor's and other credit-rating firms for their role in developing mortgage-bond deals that helped trigger the financial crisis, according to a U.S. official familiar with the matter.

The probe by lawyers in the Justice Department's civil division appears to be centered on the actions of S&P, though that could change as the investigation proceeds, this person said.

The SEC for months has been looking closely at the conduct of S&P and reviewing the role played by Moody's Investors Service, owned by Moody's Corp., in relation to at least two mortgage-bond deals, according to people familiar with the matter.

SEC officials are focusing on whether some rating firms committed fraud by failing to do enough research to adequately assess and rate pools of subprime mortgages and other loans packaged into mortgage bonds. An SEC spokesman declined to comment.



Read more: http://online.wsj.com/article/SB10001424053111903639404576516561097613114.html

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I am amazed that this is not the top story on DU today.

[pam4water]

1. Yeah but no one will get fired for this and again nothing will change. Don't want to be backwards

looking you know. 0_o

[Tiggeroshii]

2. There's nothing past due about this at all!

Can you say, revenge?

[coalition_unwilling]

3. Several days late and several (trillion) dollars short - n/t

[Tx4obama]

4. Your OP is a dupe. The story was posted in LBN twice last night.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4964828

[underpants]

5. Sorry didn't think to search "S.&P." - I've never seen a headline with the .'s

:shrug:

[Tx4obama]

6. Yeah.

I didn't see the other one either, so I posted the story in LBN too last night.
Then my OP got combined with that other one ;(

[babsbunny]

7. cranky?