On the heels of a federal lawsuit against Standard & Poor’s Ratings Services, Massachusetts Attorney General Martha Coakley said Tuesday that her staff also is looking into allegations the New York credit rating agency helped fuel the country’s mortgage meltdown and financial crisis.
The US Department of Justice filed a civil suit Monday against Standard & Poor’s, saying the firm “engaged in a scheme to defraud investors” through inflated ratings of mortgage products that later turned out to be bad.
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On the heels of a federal lawsuit that is BASELESS, Martha Coakley wants to jump in. The government will wi ONLY if it BULLIES S&P into settling and admitting faullt. It's fun when you are the govenment and can spend taxpayer money on lawsuits that cannot prove deliberate intent to defraud. She is an expert on joining in such suits.....Here's the one who should be sued.That would be our own Barney Frank, who famously said "Let's ROLL the DICE with regard to fannie and Freddie...
In 2003, Frank said "I do not want the same kind of focus on safety and soundness [in the regulation of Fannie Mae and Freddie Mac] that we have in the I want to roll the dice a little bit more in this situation towards subsidised housing.] In July 2008, Frank said in an CNBC interview, "I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward."[