Standard & Poor's, a Subsidiary of McGraw Hill, Says DOJ Civil Lawsuit Is Unjustified And Without Legal Merit
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"The DOJ omits important context about the emails it cites. For example, the email that says deals 'could be structured by cows' and be rated by S&P had nothing to do with RMBS or CDO ratings or any S&P model, and the analyst had her concerns addressed with the issuer before S&P issued any rating. The DOJ also cites the fact that S&P personnel discussed proposed rating criteria with market participants as evidence of wrongdoing although under certain recent regulations, S&P is required to do just that. When the full facts are revealed in court, it will be clear the emails and anecdotes being cited do not prove any wrongdoing.
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