By Allie Gregory | 0 comments
If the United States were to win their case against Standard & Poor's, it would mark the first time EVER anyone, institution, or company was held accountable for such a disastrous financial scandal. The United States government along with several states will sue Standard & Poor’s debt rating agency for giving high ratings to risky mortgage bonds bringing about the financial crisis and committing fraud. Trillions of dollars were lost and nearly 10 million people were put out of work as a result of S&P’s actions.
According to Attorney General Eric Holder, “Put simply, this alleged conduct is egregious (shockingly bad)—and it goes to the very heart of the recent financial crisis.” Representing the Obama administration, Holder is adamant that this case would be critical to all future financial dealings in US.
The biggest question moving forward is "why?" Why were Standard & Poor’s ratings so wrong? DFA certainly will be watching as this case moves forward. Let us know your thoughts and follow us on Facebook and Twitter. What do you think about the government’s case against Standard & Poor's?
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