something. the rating agencies and everybody on wall street will say over and over again we were wrong, but being wrong isn t a crime. they re right. being wrong isn t a crime. lying is the crime. yeah. what happened here, and you got it exactly right in your introduction, the investment banks, the rating agencies, all of the links in the chain that marketed this junk, all the debt that saddled and then destroyed our economy was marketed by people who knew they were selling us poop, to use the polite word you just used. and they thought it was hilarious. that s why they were joking the terms. give them credit for the good sense of humor. you read the e-mails. they made up new lyric tots the song burning down the house. they re clever, but malicious and dangerous. listen to this one excerpt from page 46 of the complaint today. they said they could have released a revised better system of the rating system if we didn t have to massage the all day prime numbers to preserve marke
economy fell apart. so duh, yeah, these guys should be in the dock, big-time. but also not just duh, but wow. look at the date here. it s today? these guys aren t in jail or something already? nobody has sued them before now? we still have not handled that problem? should we be encouraged by the fact that they seem to be trouble now or should we be very, very worried that it took this long? joining news is former new york governor and new york attorney general eliot spitzer. he earned the nickname the sheriff of wall street while he was in office. governor, it s great to have you here. thank you for inviting me back. have a layman s understanding of the meltdown. you have a much more advanced understanding. did i explain any of that wrong? and what is the significance of the ratings agency getting in trouble now? you got it exactly right. let me be very clear about something. the rating agencies and everybody on wall street will say over and over again we were wrong, but being wr
he says it s unfounded and they re going to win the case. floyd abrams was saying it was a first amendment right. show them that they knew what they were saying was not the case is what makes it a fraud as opposed to simply being wrong. being wrong isn t a crime. we re all wrong all the time. lying intentionally in the marketplace is what transforms into an actionable offense. i knew you would help me understand this better. eliot spitzer, former governor of new york, former attorney general of norm o new york. always great to have you. will you come back again soon? sure. all right. coming up, john mccain specifically loses a round big time. but they re refusing to admit it. i m here to tell them they lost. that s coming. [ male announcer ] susan writes children s books. when she s happy, she writes about bunnies.
recovered from. that s one thing about the meltdown that everybody gets, right? which makes this headline today both a wow moment and a duh moment. u.s. sues s&p over pre-crisis mortgage ratings. the government alleging that standard & poor s rating agency knowingly inflated its ratings on risky mortgage investments, giving high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued these poopbag investments. oh, poopbag isn t in the quote. sorry. i added that. so that s a duh, right? these guys clearly should be busted. these were the guys in charge of the ratings. these were the guys who were supposed to be labeling the poopbag financials as such. eve selli of money stopped be in the do it s today? these we still have not handled that problem? s f very, very worried t t w gov her > b have a under and what is the significance of the ratings agency getting in trouble now? you got it exactly right. let me be very clear about somethin
but put that aside, you understood the essence of this. they were lying. that s all you need to know. they were lying about the quality of what they were marketing to the public. and at the end of the day, we the taxpayers had to pick up the tab. and is lying the thing that you need to prove in order to get a conviction here? he says it s unfounded and they re going to win the case. floyd abrams was saying it was a first amendment right. show them that they knew what they were saying was not the case is what makes it a fraud as opposed to simply being wrong. being wrong isn t a crime. we re all wrong all the time. lying intentionally in the marketplace is what transforms into an actionable offense. i knew you would help me understand this better. eliot spitzer, former governor of new york, former attorney general of norm o new york. always great to have you. will you come back again soon? sure. all right. coming up, john mccain specifically loses a round big time. but they re