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S&P Fraud: Finaly the Crooks will Pay
#1
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U.S. government slams S&P with $5 billion lawsuit

This is the most important financial event of the decade!

So far we have seen banks fined ridiculous amounts of a few millions dollars only. Now with a $5B claim we start talking real money.

Maybe Russia and China could join the case as plaintiffs since the S&P overstated the rating of US Treasuries.
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#2
The wheels of justice grind slowly but exceedingly fine. Go get'm Eric, teach those malcontents a lesson.

I'm surprised there is not some Federal agency which can invoke a fine without the need for a lawsuit. The politicians must have forgotten to add it.
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#3
A fine must be defined by rules and have fixed rates.
Aparently there were no rules in case a rating agency is lying for years and make the whole country lose trillions.
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#4
(02-10-2013, 05:15 PM)Fredledingue Wrote: A fine must be defined by rules and have fixed rates.
Aparently there were no rules in case a rating agency is lying for years and make the whole country lose trillions.
Not in the US evidently where administrative whimsy rules. You must be thinking of a state wherein the rule of law holds.

Here, if some administrative rule does no apply, the result is a civil lawsuit or the creation of a new administrative rule (possibly with defined fines). There is no congressional oversight of the bureaucrats here.
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#5
... and now to add insult to injury ...

You may recall Fitch and Moodys are the naughty raters that did exactly the same as S&P but are not getting prosecuted because they didn't drop U.S. paper from AAA to AA+ ...

Let's recap ... they ALL told investors that sh*t doesn't stink ... but S&P made the mega-mistake of noticing that something doesn't smell quite right about U.S. debt ... and now they shall pay for it, because, as you see, not all sh*t stinks equally!
"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
-- Henry Mencken
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#6
Ain't that the truth.
___________________________________________________________________________________________________
--- SCHiST Happens! ---
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#7
Or is it a warning to other rating agencies not to downgrade the US.
Or they may also drop the lawsuit after S&P returns the rating to AAA...
After all if you could put an AAA on junk mortgage instruments, you can put an AA on junk treasuries as well.

Yes, it's a shame. I'm still glad it happened thought because it brings discredit to the profession.
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#8
It's the typical way the United States does business. Unlike Nazis or Communists, we simply do law suits to destroy folks or with individuals we steal their homes then give them a trumped up kangaroo court trial if the IRS is after us.

We're morally the same, just don't have the stomach for the decomposing bodies like our bretheren.

I used to think we were special, this shows how delusional humans may be. We're special in getting our way w/o having to run concentration camps except with ethnic Japanese so far.
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#9
(02-13-2013, 03:05 PM)Palladin Wrote: I used to think we were special, this shows how delusional humans may be. We're special in getting our way w/o having to run concentration camps except with ethnic Japanese so far.

Collective fascism light looks just great ... right until the food and fuel runs dry ... and then the knives come out just like all those other catastrophic projects. The 'special' part in our case was the in grained respect for the rule of law ... that was a huge competitive advantage for our nation in the past ... but now we're seeing it dwindle rapidly. We're well on our way to becoming Mexico North ... not because of immigration but due to the fact that when endemic corruption takes hold, it never lets go.
"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
-- Henry Mencken
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#10
I agree. That "respect" is gone and it seems gone with both major political sides, not just lefties. We just tend to have different priorities is all.
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#11
I have heard that S&P will be fined $1.5B, much short of the $5B sought initialy but politics are politics.
I failed to save the link before yesterday. Sorry. I'll try to find more about it later.
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#12
If the dumbasses would have understood, you do not mess with the godfather, Barack Obama.
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#13
(02-04-2015, 06:34 PM)Fredledingue Wrote: Sorry. I'll try to find more about it later.

Nothing to find out, simply yet another act of racketeering by the Sodomite Entity... once in a while they smell money and sent out their enforcers. No crime has been admitted to, no reasons why it is this particular amount will ever be published, no trace of just who in the regime would get their slice of the loot will ever appear.
Sodomia delenda est

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#14
Too bad the RICO act doesn't get used on the US government.
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#15
Too bad.....because they enforce the RICO act. They are above the law.
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#16
Peanuts! They earned like 10B, pay 3. And the bankers are paying nothing, personaly. Nobody goes to jail. Well: financial world!
http://www.reuters.com/article/us-morgan...SKCN0VK1H8
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