Downgrading The US Credit Rating Will Cost S&P $1.5 Billion

Deceiving and lying to the American people is OK:

Welcome to the Recovery (New York Times, by Timothy Geithner, August 2, 2010)

More:

‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

Timothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

Timothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

Timothy Geithner Joins The Council of Foreign Relations As ‘Tireless And Creative Practitioner And Thinker’

Matt Taibbi: Geithner Is ‘The Architect Of Too Big To Fail’ (Video)


geithner the mole

Downgrading The US Will Cost S&P $1.5 Billion (ZeroHedge, Jan 20, 2015):

Remember when S&P forgot for a second that it lives in a world of pretend free speech, and where telling the truth would promptly result in a lawsuit by none other than the US government under false pretenses (and from which Buffett darling Moody’s was excluded) after it downgraded the US from AAA to AA+ in the summer of 2011? A downgrade which as Bloomberg previously reported led to this exchange with then Treasury Secretary Tim Geithner: “S&P’s conduct would be looked at very carefully,” Geithner told McGraw according to the filing. “Such behavior would not occur, he said, without a response from the government.”

Well, S&P will never make the same mistake again, because according to Reuters, it will cost it $1.5 billion to settle with the government and put the whole “downgrade” episode in the past.

  • S&P SAID IN SETTLEMNT TALKS WITH WITH DOJ,STATES: RTRS
  • S&P SAID IN SETTLEMNT TALKS FOR $1.5B: REUTERS
  • SEC SAID TO BAN S&P FROM RATING PART OF CMBS MARKET FOR A YEAR
  • S&P SETTLEMENT WITH SEC SAID TO INCLUDE $60 MILLION FINE
  • S&P SETTLEMENT ON CMBS SAID TO BE ANNOUNCED AS SOON AS TOMORROW

And let that be a lesson to anyone else who thinks the First Amendment is anything but window dressing.

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