Evidence revealed in law-suit shows cooperation of S&P & Moodys in Wall Street shakedown of America
It's always been recognized that S&P and Moodys played an essential part in the Trickle - Down - Deregulation disaster of '08 by issuing glowing credit ratings for mortgages they knew were junk. Now, documents revealed in a civil suit establish documentary evidence of S&P and Moodys knowing full well that the ratings they were issuing were fraudulent.
http://finance.yahoo.com/news/the-last-mystery-of-the-financial-crisis-154447818.html
[font size="3"]Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, documents that for the most part have never been seen by the general public, we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash.
In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. [/font]
"Lord help our fucking scam?.?.?.?this has to be the stupidest place I have worked at," writes one Standard & Poor's executive. "As you know, I had difficulties explaining 'HOW' we got to those numbers since there is no science behind it," confesses a high-ranking S&P analyst. "If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value," complains another senior S&P man. "Let's hope we are all wealthy and retired by the time this house of card[s] falters," ruminates one more.
Ratings agencies are the glue that ostensibly holds the entire financial industry together. These gigantic companies – also known as Nationally Recognized Statistical Rating Organizations, or NRSROs – have teams of examiners who analyze companies, cities, towns, countries, mortgage borrowers, anybody or anything that takes on debt or creates an investment vehicle.
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I guess. 
