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Detailed text transcripts for TV channel - FOXNEWS - 20110818:17:05:00

weeks ago, now we learned that not only have they been investigating the united states, the united states justice department has been investigating them. that s right, megyn. this has been an open civil investigation into s&p that sources close to the matter tells fox business started before the downgrade. but what s interesting and striking here, megyn, is the fact that henry waxman, a democrat in congress, at the house reform and oversight government committee launched a probe and a hearing into s&p and the other ratings agency back in the fall of 2008, so this has been outstanding, this so-called probe. by the way, the sec megyn: and the problem was s&p graded these mortgage securities aaa, said their great, awesome, and a lot of people relying on that, the theory goes, then went out and invested in them and then it collapsed. that s why the investigation is ongoing. essentially that the watchdogs didn t bark and s&p being one of those watchdog, in other words, s&p, moody s, g

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