As the financial crisis continues, it has been revealed that the two largest credit rating services in the country took shortcuts in rating mortgage debts and CDO's.
They allegedly rated junk debt as Triple A to induce Pension Funds and other investors to buy-up that junk debt.
If true, this would be a breach of fiduciary trust and perhaps intentional fraud. We're talking criminal acts here!
If investigators determine these firms perpetrated these types of criminal acts, the firms should be seized as profits from a criminal enterprise. Let the liars feel the fallout from their own lies.
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