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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
S&P Under Investigation
Posted by:
WashingTone-Locian
()
Date: August 18, 2011 08:57AM
About fucking time...
http://www.msnbc.msn.com/id/44184059/ns/business-us_business/#.Tk0MFDszgmw
...This shit should have started in 2009. Moody's and Fitch, too.
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http://bible.cc/1_corinthians/13-11.htm
http://www.msnbc.msn.com/id/44184059/ns/business-us_business/#.Tk0MFDszgmw
...This shit should have started in 2009. Moody's and Fitch, too.
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http://bible.cc/1_corinthians/13-11.htm
Re: S&P Under Investigation
Posted by:
Hank Moody
()
Date: August 18, 2011 09:19AM
This reminds me of the shit that went down back in 2007 when analysts for Citi were downgrading competitors and those with whom they had an ax grind when the first rumblings about the quality of mortgage back securities were coming to light. Citi had a huge stake in MBS and derivatives. It will be interesting to see what comes of this investigation.
Re: S&P Under Investigation
Posted by:
WashingTone-Locian
()
Date: August 18, 2011 09:26AM
Hank Moody Wrote:
-------------------------------------------------------
> This reminds me of the shit that went down back in
> 2007 when analysts for Citi were downgrading
> competitors and those with whom they had an ax
> grind when the first rumblings about the quality
> of mortgage back securities were coming to light.
> Citi had a huge stake in MBS and derivatives. It
> will be interesting to see what comes of this
> investigation.
I think at the very least you could be talking about gross negligence. Does that translate into criminal charges? I don't know. But obviously the credit ratings were either being deceptive in their practices or simply didn't know what they were doing and charged a shitload for it (fraud?).
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http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
> This reminds me of the shit that went down back in
> 2007 when analysts for Citi were downgrading
> competitors and those with whom they had an ax
> grind when the first rumblings about the quality
> of mortgage back securities were coming to light.
> Citi had a huge stake in MBS and derivatives. It
> will be interesting to see what comes of this
> investigation.
I think at the very least you could be talking about gross negligence. Does that translate into criminal charges? I don't know. But obviously the credit ratings were either being deceptive in their practices or simply didn't know what they were doing and charged a shitload for it (fraud?).
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: S&P Under Investigation
Posted by:
...
()
Date: August 18, 2011 09:53AM
I smell retaliation.
Re: S&P Under Investigation
Posted by:
WashingTone-Locian
()
Date: August 18, 2011 09:54AM
... Wrote:
-------------------------------------------------------
> I smell retaliation.
It was supposedly in the works for months, but it does appear that way, doesn't it? I really don't understand why they didn't start this process sooner.
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http://bible.cc/1_corinthians/13-11.htm
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> I smell retaliation.
It was supposedly in the works for months, but it does appear that way, doesn't it? I really don't understand why they didn't start this process sooner.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: S&P Under Investigation
Posted by:
well, yeah
()
Date: August 18, 2011 10:01AM
WashingTone-Locian Wrote:
-------------------------------------------------------
> ... Wrote:
> --------------------------------------------------
> -----
> > I smell retaliation.
>
>
> It was supposedly in the works for months, but it
> does appear that way, doesn't it? I really don't
> understand why they didn't start this process
> sooner.
Because the administration is incompetent. Duh.
-------------------------------------------------------
> ... Wrote:
> --------------------------------------------------
> -----
> > I smell retaliation.
>
>
> It was supposedly in the works for months, but it
> does appear that way, doesn't it? I really don't
> understand why they didn't start this process
> sooner.
Because the administration is incompetent. Duh.
Re: S&P Under Investigation
Posted by:
WashingTone-Locian
()
Date: August 18, 2011 10:09AM
well, yeah Wrote:
-------------------------------------------------------
>
> Because the administration is incompetent. Duh.
I wouldn't say that. But I do think DOJ under Holder has been kind of a show.
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http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
>
> Because the administration is incompetent. Duh.
I wouldn't say that. But I do think DOJ under Holder has been kind of a show.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: S&P Under Investigation
Posted by:
Hank Moody
()
Date: August 18, 2011 10:20AM
If I were President (Ha!) and had the FBI and DOJ in my back pocket, I'm pretty sure I'd have case files and investigations "opened" on every chess piece on the board the day after I took office. Entities that rate federal bonds would certainly be on that list.
Like most executive organizations, I'm sure even in the executive branch of our federal government that "projects" get re-prioritized the moment the shit hits the fan. You've got to be practical when you've only got a limited pool of resources to work with. It's not necessarily a sign of incompetence, it's pragmatism.
Like most executive organizations, I'm sure even in the executive branch of our federal government that "projects" get re-prioritized the moment the shit hits the fan. You've got to be practical when you've only got a limited pool of resources to work with. It's not necessarily a sign of incompetence, it's pragmatism.
Re: S&P Under Investigation
Posted by:
Les
()
Date: August 18, 2011 10:21AM
The investigation of S&P is politically motivated. Washington needs to get its act together. Not more than two weeks after the deficit plan and the appointment of the supercommittee, the administration is already talking about more stimulus.
Is the SEC Covering Up Wall Street Crimes?
A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals.
by: Matt Taibbi
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817?print=true
Is the SEC Covering Up Wall Street Crimes?
A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals.
by: Matt Taibbi
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817?print=true
Re: S&P Under Investigation
Posted by:
WashingTone-Locian
()
Date: August 18, 2011 10:23AM
Les Wrote:
-------------------------------------------------------
>
> Is the SEC Covering Up Wall Street Crimes?
>
>
Given that Bush violated insider trading laws while at Harken, and the SEC knew about it and did nothing about it because Dubya's dad was President at the time, I'd say "Yes."
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http://bible.cc/1_corinthians/13-11.htm
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>
> Is the SEC Covering Up Wall Street Crimes?
>
>
Given that Bush violated insider trading laws while at Harken, and the SEC knew about it and did nothing about it because Dubya's dad was President at the time, I'd say "Yes."
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: S&P Under Investigation
Posted by:
Les
()
Date: August 18, 2011 10:30AM
The transcripts of Federal Reserve meetings have been destroyed also. The public release versions are heavily edited. This occurred under Greenspan.
Insider trading laws don't apply to Congress also. They often trade on information pertaining to legislative action.
Insider trading laws don't apply to Congress also. They often trade on information pertaining to legislative action.
Re: S&P Under Investigation
Posted by:
well, yeah
()
Date: August 18, 2011 10:31AM
WashingTone-Locian Wrote:
-------------------------------------------------------
> well, yeah Wrote:
> --------------------------------------------------
> -----
>
> >
> > Because the administration is incompetent.
> Duh.
>
>
> I wouldn't say that. But I do think DOJ under
> Holder has been kind of a show.
Just because you won't say it, doesn't make it not true. Besides, as you point out, Holder is a complete joke and Obama keeps him around. Ipso facto - the administration is incompetent.
-------------------------------------------------------
> well, yeah Wrote:
> --------------------------------------------------
> -----
>
> >
> > Because the administration is incompetent.
> Duh.
>
>
> I wouldn't say that. But I do think DOJ under
> Holder has been kind of a show.
Just because you won't say it, doesn't make it not true. Besides, as you point out, Holder is a complete joke and Obama keeps him around. Ipso facto - the administration is incompetent.
Re: S&P Under Investigation
Posted by:
WashingTone-Locian
()
Date: August 18, 2011 10:33AM
well, yeah Wrote:
-------------------------------------------------------
> >
> > I wouldn't say that. But I do think DOJ under
> > Holder has been kind of a show.
>
> Just because you won't say it, doesn't make it not
> true. Besides, as you point out, Holder is a
> complete joke and Obama keeps him around. Ipso
> facto - the administration is incompetent.
Rating Holder a "C" at DOJ doesn't make the Administration incompetent.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
> >
> > I wouldn't say that. But I do think DOJ under
> > Holder has been kind of a show.
>
> Just because you won't say it, doesn't make it not
> true. Besides, as you point out, Holder is a
> complete joke and Obama keeps him around. Ipso
> facto - the administration is incompetent.
Rating Holder a "C" at DOJ doesn't make the Administration incompetent.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: S&P Under Investigation
Posted by:
well, yeah
()
Date: August 18, 2011 10:45AM
WashingTone-Locian Wrote:
-------------------------------------------------------
> well, yeah Wrote:
> --------------------------------------------------
> -----
>
> > >
> > > I wouldn't say that. But I do think DOJ under
> > > Holder has been kind of a show.
> >
> > Just because you won't say it, doesn't make it
> not
> > true. Besides, as you point out, Holder is a
> > complete joke and Obama keeps him around. Ipso
> > facto - the administration is incompetent.
>
> Rating Holder a "C" at DOJ doesn't make the
> Administration incompetent.
Rating Holder a "C" is EXTREMELY generous. And, if he were the only failure as an agency head, you might be right. However, you have Geithner, Sebelius, Salazar and Solis.
-------------------------------------------------------
> well, yeah Wrote:
> --------------------------------------------------
> -----
>
> > >
> > > I wouldn't say that. But I do think DOJ under
> > > Holder has been kind of a show.
> >
> > Just because you won't say it, doesn't make it
> not
> > true. Besides, as you point out, Holder is a
> > complete joke and Obama keeps him around. Ipso
> > facto - the administration is incompetent.
>
> Rating Holder a "C" at DOJ doesn't make the
> Administration incompetent.
Rating Holder a "C" is EXTREMELY generous. And, if he were the only failure as an agency head, you might be right. However, you have Geithner, Sebelius, Salazar and Solis.