Standard & Poor’s asked a federal judge on Monday to dismiss a U.S. Justice Department civil suit against the rating agency, arguing the government’s case is based on vague statements that cannot be used to prove fraud. In a $5 billion suit, the U.S. government accused the rating agency of issuing inflated ratings on faulty products to drum up business before the financial crisis, despite company statements that its ratings were objective. S&P has vociferously defended itself in public since the case was filed in February in U.S. District Court in Los Angeles, denouncing the lawsuit as meritless and accusing the government of cherry-picking emails to misconstrue what its analysts did…While the government says those messages, which include one analyst performing a pop song parody about the housing market burning down, paint a picture of a company knowingly slapping inflated ratings on structured finance products, the company’s filing says otherwise. Those messages, instead, the company said, show internal squabbling or even “robust internal debate.” [Reuters]

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Comments (12)

  1. Posted by Alt_EST | April 22, 2013 at 5:21 PM

    I just had a robust internal debate as well…damn Chipotle….

  2. Posted by guest | April 22, 2013 at 5:27 PM

    Just thankful they cherry picked Talking Heads, and not all those Ke$ha songs I made reference to.
    -S&P Analyst

  3. Posted by guest | April 22, 2013 at 5:50 PM

    +1

  4. Posted by Ke$ha Fan | April 22, 2013 at 6:21 PM

    TiK ToK? Die Young?

  5. Posted by Shocker | April 23, 2013 at 12:02 AM

    So, the one group of people who were supposed to know better and act accordingly

    ….didn't.

    Et Tu Brute?

  6. Posted by Wee_Bey | April 23, 2013 at 8:42 AM

    Reposting links with no additional context or opinion? That's some serious value add right there.

    This website has really gone into the shitter.

  7. Posted by Bigger Ke$ha Fan | April 23, 2013 at 9:04 AM

    C'Mon is obviously her best work.

  8. Posted by Guest | April 23, 2013 at 10:24 AM

    "Robust Internal Debate"
    by Talking Heads

    Some call it fraud when we sold our ratings
    we are just shocked at all this hating
    Cuz when it all comes down to it – Listen mate,
    it's just robust internal debate

  9. Posted by Your_Nightmare | April 23, 2013 at 1:23 PM

    Top rated comment, par for the course on this website.

  10. Posted by BessLevin'sEvilTwin | April 24, 2013 at 12:00 AM

    Go shazart yourself

  11. Posted by Wee_Bey | April 24, 2013 at 9:24 AM

    Nice comeback. Makes a lot of sense.

  12. Posted by Jingles Advertising | June 20, 2013 at 6:18 AM

    oh! sorry for those poor people US justice Dept should take the solid action against this news.