Payback: Feds Investigating Standard & Poor's for Mortgage Fraud
Standard & Poor’s is in trouble again. The credit rating agency is being investigated for fraud by the Department of Justice over allegations the investment analyst company improperly rated mortgage securities which later failed, and may have triggered the current financial crisis.
A conviction in the case could lead to a radical overhaul of the regulations governing how corporations and investments will be rated in the future. The government is trying to prove that Standard & Poor’s upgraded the credit ratings of mortgage securities it privately concluded were not worthy of such a rating.
Allegedly, lower-level S&P analysts, who knew better, were overruled by upper management when the ratings went public. The intentionally overrated loans later collapsed the real estate market and caused a domino effect on Wall Street which led to the massive bailout of the nation’s biggest investment banks…
Read More: http://news.gather.com/viewArticle.action?articleId=281474979959553
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