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Feds sue S&P over mortgage ratings
Tuesday, February 5, 2013    
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The Justice Department alleges that S&P had full knowledge that the ratings it was stamping on Residential Mortgage Backed Securities were too high

Even if you're bored of hearing about pre-crisis financial industry shenanigans, the government's complaint against rating agency Standard & Poor's (S&P) is worth your while.

The Justice Department alleges that S&P had full knowledge that the ratings it was stamping on Residential Mortgage Backed Securities (RMBS) were too high, and they seem to have collected e-mails and instant messages that corroborate that assertion in the most embarrassing and damning way possible.

Read more: Business Insider
 
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