TV News LIES

Friday, May 29th

Last update01:14:48 AM GMT

You are here News Economy S&P paying $1.38B to settle charges over crisis-era ratings

S&P paying $1.38B to settle charges over crisis-era ratings

E-mail Print PDF

S&P pays upStandard & Poor's is paying about $1.38 billion to settle government allegations that it knowingly inflated its ratings of risky mortgage investments that helped trigger the financial crisis, the Justice Department announced Tuesday.

The settlement with the U.S. government, 19 states and the District of Columbia covers ratings issued from 2004 through 2007 by the McGraw-Hill subsidiary. It resolves a court fight that began with a government lawsuit two years ago and involved dozens of depositions and hundreds of millions of documents

Under the agreement, S&P admitted that it issued and confirmed positive ratings despite knowing that those assessments were unjustified and in many cases based on packages of mortgages that it knew were likely to default.

"On more than one occasion, the company's leadership ignored senior analysts who warned that the company had given top ratings to financial products that were failing to perform as advertised," Attorney General Eric Holder said at a news conference Tuesday.

More...


Most Recent Related Stories...


American Airlines plans 30% reduction of management, administrative staff

American Airlines to cut 30% of staff American Airlines is planning to cut 30% of its management and support staff, a reduction of...

J.C. Penney store closings coming: Retailer trying to avoid liquidation in Chapter 11 bankruptcy

JC Penny closing stores J.C. Penney proposed a restructuring plan that would shed billions of dollars in debt and allow...

Tuesday Morning retailer files Chapter 11 bankruptcy, plans 230 store closings

Tuesday Morning stores closing Off-price retailer Tuesday Morning filed for Chapter 11 bankruptcy protection Wednesday with plans to close more...

Retail Sales in U.S. Collapse by 16% in Steepest Drop on Record

Retail sales dropU.S. retail sales endured a second straight month of record declines in April as the novel...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!