Crying Crocodile Tears for Standard & Poor’s | Common Dreams
"S&P earlier this month was named in a Justice Department suit for its role during the financial crisis of 2008-09. The feds say the credit ratings company caused some banks and credit unions to lose $5 billion after they relied on its ratings of mortgage-linked securities. S&P gave those securities top ratings when, in fact, they were so risky that when they melted down a few months later they brought the country’s economy to its knees and lost billions for both institutional and individual investors who had trusted the firm’s ratings."
