State of Illinois suing Standard and Poor's for fraudulent ratings.

[dixiegrrrrl]

Illinois Attorney General Sues Standard and Poor's


Updated Jan 25, 2012 at 4:21 PM CST

CHICAGO, Ill. -- The Illinois Attorney General is accusing one of the Nation's leading Credit Ratings Agencies of putting profits before fairness.
In a lawsuit filed today against Standard and Poor's, Lisa Madigan's office alleges that the agency assigned its highest ratings to risky mortgage-backed investments during the years leading up to the crash of the housing market.
http://www.centralillinoisnewscenter.com/news/local/Illinois-Attorney-General-Sues-Standard-and-Poors-138078128.html

Copy of the lawsuit here:
http://www.scribd.com/doc/79379903/S-amp-P-COMPLAINT-01-25-2012-11-45-15

[Vincardog]

1. Good. Get damages

[mbperrin]

2. Many more states and the federal government need to lawyer up on this

same issue.

Current ratings system is an extortion racket only.

[dixiegrrrrl]

3. Did you know that McGraw Hill owns Standard and Poors?????

Imagine..a publishing company own a rating agency.

[mbperrin]

4. I did not. But nice for a textbook seller to control your state's credit rating, isn't it?

I DID know it was extortion!

[proverbialwisdom]

5. Hey, now.

http://www.dailykos.com/story/2012/11/05/1155771/-BREAKING-Standard-and-Poor-s-GUILTY-deceived-and-misled-Investors

[Po_d Mainiac]

6. Illinois bonds get downgraded in 5-4-3 n/t