A California judge has tentatively ruled that the state could hold the major financial research company accountable for pinning triple-A ratings on state-bought mortgage-backed securities that went bust in the crash of 2008. Bloomberg reports: California Superior Court Judge Curtis Karnow in San Francisco said yesterday he was inclined to deny the company’s request to throw out the state’s claims of deceptive conduct from a lawsuit alleging S&P violated false-advertising and business practices laws. The state accuses S&P of using “magic numbers” to inflate ratings of mortgage-backed securities bought by the California Public Employees’ Retirement System and the state’s teacher pension fund. The funds lost more than $1 billion on the investments, according to the state. Standard & Poor’s is also being sued for fraud by the U.S. Justice Department in a separate case in federal court in Santa Ana, Calif. one of my nephews worked for S&P...mmmmmmmmmmmmmmm....other 1 works for hedge fund company....... Family in the corruption world...... how sad.....no morals for them
Posted on: Mon, 24 Mar 2014 13:00:52 +0000
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