Treasury scrambled to convince S&P away from downgrading the U.S. in the days and hours...


Treasury scrambled to convince S&P away from downgrading the U.S. in the days and hours leading up to the Aug. 5 move, according to newly obtained emails. As it became evident S&P was going to move ahead, Treasury desperately floated a story the ratings agency had muffed a simple calculation, but it was to no avail.
Comments (19)
  • Dogpound
    , contributor
    Comments (159) | Send Message
     
    What a bunch of creeps
    22 Feb 2012, 10:44 AM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (528) | Send Message
     
    Obama & Geithner, should be sharing a Jail Cell.
    22 Feb 2012, 10:51 AM Reply Like
  • torahislife
    , contributor
    Comments (400) | Send Message
     
    You forgot Bernanke. Does Bernanke look better in pinstripes or orange?
    22 Feb 2012, 11:03 AM Reply Like
  • WMARKW
    , contributor
    Comments (10787) | Send Message
     
    You need to add John Corzine as well.
    22 Feb 2012, 11:56 AM Reply Like
  • torahislife
    , contributor
    Comments (400) | Send Message
     
    Same creeps are fueling the market right now with "liquidity" and distorting unemployment numbers....
    22 Feb 2012, 10:54 AM Reply Like
  • Trader Monk
    , contributor
    Comments (130) | Send Message
     
    Question of the day..Is this administration honest about ANYTHING?
    If the GOP did the same thing the MSM would be having a stroke..
    22 Feb 2012, 11:21 AM Reply Like
  • WMARKW
    , contributor
    Comments (10787) | Send Message
     
    No they are not, and the question I have is how can some many people still believe anything a politician says.
    22 Feb 2012, 11:57 AM Reply Like
  • DianeLee
    , contributor
    Comments (368) | Send Message
     
    Believe only the numbers....and not all of them.
    22 Feb 2012, 11:23 AM Reply Like
  • 2PP
    , contributor
    Comments (343) | Send Message
     
    These guys make Al Capone smile in his grave. Half the administration would be in jail if we had a real law abiding DOJ. Attorney General Holder needs to be first in line to get into Sheriff Joe Arpiao's desert hotel.
    22 Feb 2012, 11:39 AM Reply Like
  • Mike Ondrovich
    , contributor
    Comments (123) | Send Message
     
    Does that even seem legal?
    22 Feb 2012, 11:40 AM Reply Like
  • 2MuchDebt
    , contributor
    Comments (406) | Send Message
     
    And it only took 7 months for this info to be leaked... haha. Clearly someone didn't want the public to know!
    22 Feb 2012, 12:40 PM Reply Like
  • Tricky
    , contributor
    Comments (2431) | Send Message
     
    Sorry, but I'm missing what is "criminal" or "creepy" in what Treasury did. I used to work for an investment bank and EVERY issuer lobbies for ratings -- improvements, maintains, prevention of downgrades. What's new?
    22 Feb 2012, 05:19 PM Reply Like
  • alpharox
    , contributor
    Comments (380) | Send Message
     
    What's new is that the US government is not an investment bank. Lobbying would be one thing but publishing false stories is something else entirely.

     

    Government officials and agencies have obligations to the public. They don't include lying.

     

    One law that may come into play is the commonly quoted 18 USC 1001, but I don't think enough detail has been made public about the false statement made by the Treasury Department. I do think there should be an investigation based on reports.

     

    In fact, the FBI says on their web site that:

     

    "Public corruption - It’s our top priority among criminal investigations—and for good reason."

     

    http://1.usa.gov/zNQqum

     

    This appears to be corruption of the highest order IMO.
    22 Feb 2012, 09:16 PM Reply Like
  • Tricky
    , contributor
    Comments (2431) | Send Message
     
    I don't see any mention in this article about a "false story"
    22 Feb 2012, 09:23 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (528) | Send Message
     
    Does every "issuer" threaten with an Investigation as retribution?
    22 Feb 2012, 05:21 PM Reply Like
  • Tricky
    , contributor
    Comments (2431) | Send Message
     
    Howdy. Perhaps I missed it, but I didn't see anything in that particular article that even insinuated that Treasury made such a threat?
    22 Feb 2012, 06:14 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (528) | Send Message
     
    You mean you don't remember this?

     

    Gangsta Government, at it's finest.

     

    http://bit.ly/xO6QO8

     

    Maybe somebody should "Investigate" how $16 trillion in debt and trillions of unfunded liabilities can ever be honored.

     

    "Honor" that's a joke, for sure.

     

    That US Constitution and free expression a real hassle for these criminal politiians.
    22 Feb 2012, 06:26 PM Reply Like
  • Tricky
    , contributor
    Comments (2431) | Send Message
     
    Well, that particular article speaks to investigation of insider trading, not investigating the downgrade decision itself.

     

    More broadly, I just haven't seen any follow-up "retaliation". They didn't even do as much screaming as the Euro's did.

     

    Pressure, sure. Retaliation? Just haven't seen any. But remaining open minded, should evidence come to light.

     

    Cheers.
    22 Feb 2012, 06:31 PM Reply Like
  • WMARKW
    , contributor
    Comments (10787) | Send Message
     
    Free expression....got Judge Andrew Napalitano canned from Fox news just a couple days ago. Told too much truth.
    22 Feb 2012, 11:22 PM Reply Like
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