Standard and Poor's Under Investigation

Standard & Poor's recently chucked the American people the finger by downgrading the nations credit rating. That lead to a major sell off in the stock markets around the world. Which then lead to a credibility issue and lack of confidence in the American people to be able to repay their debt.

One thought. Don't mess with the United States of America. We don't screw around when it comes to our reputation here at home and around the world. It does not take a genius to figure out that you DO NOT mess with the US Government.

I digress to this article in the Financial Times...

The Securities and Exchange Commission has asked credit rating agency Standard & Poor’s to disclose who within its ranks knew of its decision to downgrade US debt before it was announced last week, as part of a preliminary look into potential insider trading, people familiar with the matter say.

The inquiry was made by the SEC’s examination staff, which has oversight of credit rating firms, one person familiar with the matter said. The exam staff can make referrals to the SEC’s enforcement division if it believes any laws have been violated, but the inquiry might not result in a referral. - Financial Times

Can you say that payback is a bitch? Look for the IRS to investigate S&P for questionable tax filings going back several years next in the news.

Be loud and be proud America. We are not taking any crap from Wall Street and the gang that helped to flush the toilet on our economy to begin with.

Papamoka

Thank you Memeorandum for the link!