Let this be a lesson to you rating agencies who have the balls to stand up to the Leviathan.
Insolence will not be tolerated.
The WSJ reports:
The Securities and Exchange Commission will scrutinize the model used by credit-rating firm Standard & Poor’s to downgrade long-term U.S. government debt, following accusations by the Treasury Department of a $2 trillion miscalculation, according to people familiar with the matter…
…The inquiries into S&P are part of what SEC officials say will be a new era of tougher scrutiny of the raters. The SEC is required by last year’s Dodd-Frank financial-overhaul law to issue an annual report on each of the 10 rating firms regulated by the agency.
For the heinous act of downgrading the bankrupt US State, S & P now faces criminal scrutiny by the very people it downgraded.
Of course, this should come as no surprise given that the State is a criminal institution of looting thieves. I wonder if the American public would have been in favor of the Dodd-Frank act if they knew the purpose of it was to allow the US government to badger rating agencies into giving the US government an undeserved credit rating. I must have missed Barney Fwank’s speech on that particular part of the bill.
Clearly this is nothing more than a witch hunt fueled by an utterly massive conflict of interest on the part of the US government. Does the US government run the ratings agencies or are they private firms owned by shareholders? In the fascist States of America, the line between private and public ownership is a fuzzy line indeed. If the markets did not respect the way S & P conducts its ratings, S & P would be out of business overnight. Who is the government to tell S & P how it should be rated or say whether S & P rated it fairly?
While I personally don’t respect any of the major rating institutions’ opinions, I do respect their right to rate companies and governments as they see fit. I would personally give the US a credit rating of C, but that’s just me. Should the government launch an investigation against me because I decided to give the US a credit rating of C?