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Analyst’s ‘Burning Down The House’ Jingle Part of ‘Robust Internal Debate,’ Penetrating Analytic Process, Says S&P

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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12 Responses to “Analyst’s ‘Burning Down The House’ Jingle Part of ‘Robust Internal Debate,’ Penetrating Analytic Process, Says S&P”

  1. Alt_EST says:

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

  2. guest says:

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

  3. Shocker says:

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

    ….didn't.

    Et Tu Brute?

  4. Wee_Bey says:

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

    This website has really gone into the shitter.

  5. Guest says:

    "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

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

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