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The US Gov Fights Back: Target S&P

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posted on Aug, 18 2011 @ 03:26 PM
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I had said many times that a debt downgrade from S&P on the USA Sovereign Debt will shake the markets, but ultimately it was a case of mutually assurd destruction. That the US would never stand for it, and likely destroy S&P. My personal view was that within the next few years a international standardized debt rating system would be put in place, likely through the IMF, or World Bank, or even the UN. This would effectively remove it from the hands of private oversight.

Today the SEC and Justice Dept are now (after almost 4 years) launching an investigation into S&P over rating manipulation of ............ mortgage backed securities. Never mind the fact that the agencies run by the gov to investigate those very securities and derivatives completely failed to do so.

money.cnn.com...


Ratings agency Standard & Poor's is being investigated by the U.S. Justice Department for allegedly overrating mortgage-backed securities, whose meltdown led to the 2008 financial crisis, according to two sources with knowledge of the investigation.


I believe that they are all corrupt. The Gov, S&P, the Banks, the dirt bag politicians.. but still, it's interesting to watch a lone agency try to take on the last remaining super power and get squashed in the process. I won't be surprised to see continuous public investigations and lawsuits from the Feds that will likely lead to severe financial punishment or even imprisionment for it's executives over the next few years.




posted on Aug, 18 2011 @ 03:29 PM
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Money corrupts. The more people obtain the more they "change".



posted on Aug, 18 2011 @ 03:33 PM
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reply to post by PsychoReaper4
 


Power and Money are not the same entity .. you can give an average man a million dollars and there is no saying that he wouldn't live life normally or give it away.. power is the drug, money is the means. Whether your a low life gangster in the hood or an executive in a boardroom the mentality in the same, the goal is the same .. power, control, prestiege. Money is simply a tool of attaining that.



posted on Aug, 18 2011 @ 03:39 PM
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reply to post by Rockpuck
 


Good point, never thought of it that way.



posted on Aug, 18 2011 @ 03:57 PM
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This should give Obama good practice for the endless investigations and prosecutions that will follow HIS administration long after S&P's troubles have ended. Even Richard Nixon had the good sense and intelligence to keep his payback moves somewhat quiet and subtle to anyone outside events.

What really has me wondering is what this example really says about the state of affairs in Washington. If this payback and vengeance by way of Federal agencies is what they don't care about being wide open and blatant about, what does pressure and "encouragement" from the White House look like when they DO care about keeping it quiet? We heard about Rhambo in the Congressional Showers...what else is happening up there?



posted on Aug, 18 2011 @ 04:20 PM
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According to DMX and the Lox, "Money, Power, Respect, is the key to life......."



Or as Tony Montana would say, First you get the money, then you get the power, once you get the power, then you get the girl....

This has been engrained into our minds through every, media outlet, pop artist, movie actor, and even parents (in some cases), since we were young. I am 26yo, and I can't think of one friend of mine that doesn't think he is a failure because of his/her dwindling bank account. I hear it all the time, "my parent's had x and x amount of dollars saved at my age...or, they already had a mortgage and property in their name." etc.

We were raised to think that owning a house and having the ability to save cash, was the key to success and ahppiness. Yet, we have hit the job market at the worst possible point since the great depression. Our cost of living vs. our income levels doesn't allow for anything but living paycheck to paycheck. And that is with a four year + degree and good jobs with reputable companies. To many times do I see young people blaming themselves for their woes, when it is a circumstance that we have no control over.

The time for change is here, but no more of this Obama garbage. It is time we elect an official that trully stands behind his statements and knows how to make it happen. Ron Paul for 2012!

edit on 8/18/2011 by TheRealTruth84 because: (no reason given)



posted on Aug, 18 2011 @ 04:22 PM
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The DOJ claims that the investigation began well before the downgrade.




posted on Aug, 18 2011 @ 04:27 PM
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reply to post by kosmicjack
 


If you look at the timeline of events, the investigation began one week after S&P first announced they may be downgrading the US Debt. Investigation ramped up a little when the USA was put "on notice" and the public exposure of the investigation into specific crimes occures a few weeks after the US is downgraded. I view it as "mess with us this is how it's gunna be" .. S&P tested the limits and the US is coming down hard on them.



posted on Aug, 19 2011 @ 12:18 AM
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S&P does the wrong thing and the system does not care, S&P does the right thing and the witch hunts begin... Sounds like a lot of conflicts of interest in the system that still need resolving, or maybe some roadblocks in getting to the bottom of things have finally been removed. With the SEC throwing out all of its investigation work as well it does make it harder to take anti corruption seriously. Maybe their work was so hopelessly flawed that it saves everyone's time but as shredders generally come in when there is something to hide sounds like they found something. Will just have to wait and see what direction these investigations take, on the surface it does look like continuing to protect power and the status quo rather than protecting rights and integrity.



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