Not a Shocker: S&P Being Investigated

by Ryan on August 18, 2011

in Economy,Politics,Stupid government

After giving the United States its first ratings downgrade, S&P is suddenly under investigation for ratings games they may have played before the mortgage crisis.

I can’t say I’m shocked, but I have two minds on this.  First, I think all the ratings agencies should have been investigated as early as 2006, when it started to become clear something wasn’t right with their ratings process.  So, good for DOJ even if they are five years too late.

However, why do I get an icky third-world Hugo Chavez-vibe when companies and groups opposed to our administration get targeted, while others once engaged in similar behavior do not?  Moody’s and Fitch do not seem to be on the immediate radar, but S&P is.  Sketchy.

Here is the government picking winners and losers based on grudges — S&P stained Obama’s legacy, so Obama’s DOJ will hurt them back.  This authoritarian streak coming out of our Justice Department is yet another reason why this administration needs to go before we careen too far in Venezuela’s direction.

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