Calpers sues Moody's, Fitch and S&P after suffering $1B in losses caused by 'wildly...


Calpers sues Moody's, Fitch and S&P after suffering $1B in losses caused by 'wildly inaccurate' credit ratings. In 2006, Calpers bought $1.3B of structured investment vehicles which held the rating agencies' highest credit rating, only to see the SIVs collapse in 2007 and 2008.
Comments (6)
  • nobby73
    , contributor
    Comments (1176) | Send Message
     
    Bingo - California's trump card to make sure they get the federal bailout.
    15 Jul 2009, 07:28 AM Reply Like
  • D_Virginia
    , contributor
    Comments (2278) | Send Message
     
    I'm glad to see someone trying to hold ratings agencies accountable for their sham.
    15 Jul 2009, 07:38 AM Reply Like
  • Neil459
    , contributor
    Comments (2636) | Send Message
     
    Excellent, this is what capitalism is all about. Go get em! If any company provides faulty products they should be held accountable.

     

    I hope they are able to put one of the ratings agencies out of business. Then we will see the others provide truthful analysis (that the government should have required) enforced by free markets and capitalism.
    15 Jul 2009, 07:59 AM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
     
    Actually they are just like property appraisers....a C.Y.A .company....every bank needs an apprasial on your house loan..and every investor needs a rating agency...but they are both scams and a waste of money...
    15 Jul 2009, 08:28 AM Reply Like
  • Rayn
    , contributor
    Comments (18) | Send Message
     
    Ratings agencies have escaped too much of the negative attention due them
    15 Jul 2009, 08:29 AM Reply Like
  • Alan Young
    , contributor
    Comments (2409) | Send Message
     
    This will presumably be a new article tomorrow, but meanwhile you can read it here:

     

    seekingalpha.com/insta...
    17 Jul 2009, 02:19 AM Reply Like
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