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Wealth Professional | 18 Jul 2013, 12:00 AM Agree 0
A US judge has refused to dismiss a $5-billion government civil fraud suit against Standard & Poor’s, mocking the defendant’s argument that investors’ were at fault for trusting its credit ratings.
  • graham | 19 Jul 2013, 09:19 AM Agree 0
    S&P is off-base here and this judge has told them so. I think that we have to acknowledge that the rating agencies share culpability in the collapse.
  • Incredulous | 19 Jul 2013, 02:46 PM Agree 0
    S&P is partly right. The Wall Street banks constructed the securities, were fully knowledgeable that the underlying assets were crap, and therefore were complicit in any resulting fraud. S&P are basically pleading "we knew our ratings were useless, but they did too!" That's possibly one of the most honest things I've ever heard from a major financial institution, but it hardly exonerates them.
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