Standard and Poor’s credit downgrade of the U.S. may be the last flourish of semi-independence that we see from that institution for a while, as President Obama’s Justice Department seems out to teach it a lesson it won’t soon forget.
The U.S. Justice Department is investigating whether Standard & Poor’s improperly rated dozens of mortgage securities in the years before the financial crisis (Reuters)
Given how far into the financial crisis we already are, and how recently S&P’s downgrade occurred, the timing of this move is interesting to say the least. The New York Times assures us…
The investigation began before Standard & Poor’s cut the United States’ AAA credit rating this month
But color me skeptical.
This revenge will not be quite as straight-forward as Michael Moore’s preference of Obama arresting S&P’s CEO, but it will likely get the message across.
