US Sues S&P Over Debt Ratings at Center of Financial Crisis

US Sues S&P Over Debt Ratings at Center of Financial Crisis

MRS-and-P-e1360074366260

Jarkesy Money – McGraw-Hill Cos. and its Standard & Poor’s unit were sued by the U.S. over claims S&P knowingly understated the credit risks of instruments that were central to the worst financial crisis since the Great Depression.

The U.S. Justice Department filed a complaint in federal court in Los Angeles, accusing McGraw-Hill and S&P of mail fraud, wire fraud and financial institutions fraud.

Under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the U.S. seeks civil penalties of as much as $1.1 million for each violation. McGraw-Hill’s shares tumbled the most in 25 years Monday when it said it expected the lawsuit, the first federal case against a ratings company for grades related to the credit crisis.

More

 

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@https://twitter.com/candicelanier

Candice writes for several publications, including The Christian Post, Red State, The Black Sphere and Patriot Update. She is the Science & Tech Editor at the Minority Report Blog and the founder and Editor-in-Chief at Front Lines. She's also the founder of Candice Lanier's Tech News and works as a computer consultant. Additionally, Candice is an antiques dealer.

More in

652

Hands on: The $149 Hisense Chromebook

Candice LanierApr 1, 2015
nra leadership forum

New PPP Poll: Cruz Moves into Top Tier of GOP Candidates Nationally Following Announcement

Steve FoleyApr 1, 2015
Screen Shot 2015-04-01 at 8.18.11 AM

Max Boot Video: Perception of Obama Backing ‘Iranian Power Play’ Spurring ‘Rise in Radicalism’

Steve FoleyApr 1, 2015
Screen Shot 2015-04-01 at 8.15.07 AM

Montel Williams Video: We Should Be Trying To Free Marine Being Tortured in Iranian Prison

Steve FoleyApr 1, 2015
Screen Shot 2015-04-01 at 8.12.21 AM

Video: Heritage Foundation’s Anderson Blasts Dan Savage’s ‘Jim Crow’ Claim About Indiana Law

Steve FoleyApr 1, 2015
Screen Shot 2015-04-01 at 8.10.29 AM

Video: Fox’s Kelly Blasts Reid for Saying He Has No Regrets About False Tax Claims on Romney

Steve FoleyApr 1, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

February 2013
M T W T F S S
« Jan   Mar »
 123
45678910
11121314151617
18192021222324
25262728  

Archives

Copyright © 2014 The Minority Report Network