Tuesday, February 5, 2013

Obama's Justice Department is finally getting around to suing ratings firm

English: World countries by Standard & Poor's ...
English: World countries by Standard & Poor's Foreign Rating. Legend: Green - AAA Turquoise - AA Lighter blue - A Darker blue - BBB Purple - BB Red - B : Grey - not rated, (Photo credit: Wikipedia)
The word is that the DOJ is finally going after Standard and Poor's, the ratings agency that kept telling investors that derivatives and sub prime mortgages were sound investments.


I still say, as ever i have, that the only way to reform Wall Street is to go after the individual investment bankers and brokers who pillaged enormous commissions, salaries and bonuses.  Just going after the firms will never be enough.  Until individuals are paying back their ill gotten gains and going off to jail,  the culture of IBGYBG ("I'll be gone, you'll be gone") will continue to blow successive investment bubbles to the detriment of all but the favored (unscrupulous) few.

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