S&P Civil Suit

A civil suit filed for S&P is too little, too late and too feckless

http://www.forbes.com/sites/richardfinger/2013/02/07/standard-and-poors-lack-of-integrity-will-be-exposed/

And just how is it that only S&P gets this attention? Given that most issuances require at least two of the NRSROs to rate a deal, and, that the error correlation of all three (S&P, Moody's and Fitch) approaches 100%.

I wonder if Warren was able to get anyone to pick up the phone at DOJ or SEC?

Seriously, the ratings agencies as oligarchs are just like the "Big 3" auto makers of the early 70's. Crappy product, that's crappy in exactly the same way. Only in this case they are a government sanctioned oligarchy.