Egan Jones to be charged by US GOV after downgrading US GOV.

Two weeks ago the rating agency Egan Jones downgraded the US from AA+ to AA outlook negative
and is now faceing charges from the US goverment.

US SEC EXPECETED TO VOTE ON POSSIBLE CHARGES AGAINST RATING FIRM EGAN JONES ON THURSDAY - RTRS
POSSIBLE CHARGES STEM FROM ALLEGED WILFUL MISTATEMENTS ON EGAN JONES' REGULATORY APPLICATION WITH SEC - RTRS

Zerohedge

For those that dont know Egan Jones was the first agancy to downgrade the US last summer
a few months before the others did and unlike other agencys is payed by subscribers and
not the banks like other agencys to rate the securities like sovereign debt.

Egan-Jones, which is based in Haverford, Pennsylvania, has been faster than the big-three ratings agencies in downgrading some developed countries and certain companies in the wake of the global financial crisis. Its actions usually have little market impact, but in November it made headlines when it downgraded Jefferies Group over concerns about euro-zone debt exposure, contributing to a sell-off in the shares of the midsize investment bank. The subscriber-paid model, Sean Egan has said, eliminates a key source of conflict that policymakers have since flagged as a root of the U.S. housing crisis of 2008, when subprime-related securities received top ratings from the nation's three leading credit-rating firms: Moody's, McGraw-Hill Cos Inc's Standard & Poor's, and Fimalac SA's Fitch.

REUTERS

Dont rock the boat comes to mind.

ATS Egan Jones Downgrades USA From AA+ To AA, Outlook Negative,

Make the naysayers illegal. Brow beat them and force them into submission.

Did anyone not realize the US is not above strait up extortion and bullying to get what it wants? Its a message to anyone else that would question the US credit worthiness further.

Originally posted by benrl
Did anyone not realize the US is not above strait up extortion and bullying to get what it wants? Its a message to anyone else that would question the US credit worthiness further.

They are bullying the rest of the world
what wrong with doing it to a simple company WAKE UP

Here are some more creditable stories pertaining to the story

SEC_to_vote_on_charges_aga inst_Egan_Jones

WSJ

CNBC

I just have a hard time taking someone who has to put "porn addicts" in an important story about the SEC and Egan Jones seriously.

Especially since the two are not related, and as far as i know the "porn" scandal with the SEC was limited to one or two employees and really have nothing to do with the story.

It just seems the author is using it to hyperbole his story, and loses creditability with me.

reply to post by Dreamwatcher


I thought the porn was a bit much too thats why i put in the REUTERS link.

But zerohedge was where i first picked up the story so deserve a little credit.

Originally posted by skuly
Two weeks ago the rating agency Egan Jones downgraded the US from AA+ to AA outlook negative
and is now faceing charges from the US goverment.

"and is now facing"???
"now"?
Doesnt it worry you in the slightest that this news item pertains to an ongoing legal battle that has been running continuously since the application to the SEC of 2008?

Ok, I see that know....

I guess I can also be distracted by key words like "porn addiction"

Interesting story, and it concerns me how it will play out.

Federal government strong arming a private company for expressing a less than favorable opinion of them.

I can see this as a start of a major assault on free speech. What is next?

Originally posted by alfa1

"and is now facing"???
"now"?
Doesnt it worry you in the slightest that this news item pertains to an ongoing legal battle that has been running continuously since the application to the SEC of 2008

legal battle yes but the charges are new.

Its the timing just two week after the downgrade and not in the three years since 2008.

It just rises a eyebrow.