- WND - http://www.wnd.com -
Justice sues S&P over mortgage ratings
Posted By -NO AUTHOR- On 02/05/2013 @ 10:53 am In Front Page,Money,U.S. | No Comments
(AP) WASHINGTON — The U.S. government is accusing the debt rating agency Standard & Poor’s of fraud for giving high ratings to risky mortgage bonds that helped bring about the financial crisis.
The government said in a civil complaint filed late Monday that S&P misled investors by stating that its ratings were objective and “uninfluenced by any conflicts of interest.” It said S&P’s desire to make money and gain market share caused S&P to ignore the risks posed by the investments between September 2004 and October 2007.
The charges mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.
Article printed from WND: http://www.wnd.com
URL to article: http://www.wnd.com/2013/02/justice-sues-sp-over-mortgage-ratings/
© Copyright 1997-2013. All Rights Reserved. WND.com.