Susie entirely without legal merit, thats what standard and poors is calling a potential lawsuit by the department of justice, for s ps mortgage bond ratings ahead of the financial crisis. These charges come five years after the financial crisis and would be the first alleging illegal behavior by a major Ratings Agency. As darrensh ger reports g, s p is fighting back. Reporter what took so long . Thats the reaction from critics who have long argued standard and poors gave a stamp of approval to flawed Mortgage Securities that helped bring on the financial crisis. It has to do with the unique role that ratings agencies play in the entire system of selling and distributing securities and the claims that they made about their role for which they were paid handsomely. Reporter in a statement, standard and poors said the Justice Departments lawsuit had no legal or factual merit. Saying it would disregard the central facts that s p reviewed the same subprime mortgage data as the rest of the
What s p claimed at the time it stamped securities triple a. The ratings agencies claim that they have unique analytic abilities and very sophisticated models that enable them to determine the credit worthiness of a bond, a derivative, a security. Reporter s p points out Court Rulings have dismissed what it called challenges to a Credit Rating made with 20 20 hindsight. If the Justice Department does sue, standard and poors says it will vigorously defend itself. Darren gersh, n. B. R. , washington. Tom still ahead, tonights word on the street consumers, the street. Coms David Peltier joins us with some Consumer Product stocks, worth shopping for now. One trading session after topping 14,000 the Dow Jones Industrial average turned back, thanks to analyst downgrades of dow stocks walmart and chevron. The blue chips fell 129 points, the nasdaq lost 48 points, the s p off 17. 5 points. Susie Big Stock Market selloffs like todays, are rough for Retail Investors. Thats especially true becaus
What s p claimed at the time it stamped securities triple a. The ratings agencies claim that they have unique analytic abilities and very sophisticated models that enable them to determine the credit worthiness of a bond, a derivative, a security. Reporter s p points out Court Rulings have dismissed what it called challenges to a Credit Rating made with 20 20 hindsight. If the Justice Department does sue, standard and poors says it will vigorously defend itself. Darren gersh, n. B. R. , washington. Tom still ahead, tonights word on the street consumers, the street. Coms David Peltier joins us with some Consumer Product stocks, worth shopping for now. One trading session after topping 14,000 the Dow Jones Industrial average turned back, thanks to analyst downgrades of dow stocks walmart and chevron. The blue chips fell 129 points, the nasdaq lost 48 points, the s p off 17. 5 points. Susie Big Stock Market selloffs like todays, are rough for Retail Investors. Thats especially true becaus
Poors is calling a potential lawsuit by the department of justice, for s ps mortgage bond ratings ahead of the financial crisis. These charges come five years after the financial crisis and would be the first alleging illegal behavior by a major Ratings Agency. As darren gersh reports, s p is fighting back. Reporter what took so long . Thats the reaction from critics who have long argued standard and poors gave a stamp of approval to flawed Mortgage Securities that helped bring on the financial crisis. It has to do with the unique role that ratings agencies play in the entire system of selling and distributing securities and the claims that they made about their role for which they were paid handsomely. Reporter in a statement, standard and poors said the Justice Departments lawsuit had no legal or factual merit. Saying it would disregard the central facts that s p reviewed the same subprime mortgage data as the rest of the market including u. S. Government officials who in 2007 public
Captioning sponsored by wpbt this is n. B. R. Susie im susie gharib. Ghosts of the financial crisis come back to haunt standard and poors. The Justice Department is close to filing a lawsuit against the agency for wrongdoing in its ratings before the financial crisis. Tom im tom hudson. Weakness in Technology Shares helps derail a fiveweek runnup on wall street, we look at stocks and the individual investor. Susie and michael dell could be taking the Computer Company that bears his name private, as soon as this week. A look at what going private means for investors. Tom that and more tonight on n. B. R. susie entirely without legal merit, thats what standard and poors is calling a potential lawsuit by the department of justice, for s ps mortgage bond ratings ahead of the financial crisis. These charges come five years after the financial crisis and would be the first alleging illegal behavior by a major ratings agency. As darren gersh reports, s p is fighting back. Reporter what took s