Santelli: ‘Is There a Political Issue Behind the Department of Justice’s Lawsuit Against the S&P?’

by Nathaniel Botwinick

Rick Santelli asked the question that’s on everyone’s mind this morning: Is there a political motivation for the Department of Justice’s lawsuit against Standard and Poor’s? S&P is being sued for fraud for giving high marks to mortgage-backed securities in the lead-up to the financial crisis. However, the other major rating agencies, Fitch and Moody’s, are not facing legal action, despite also giving high ratings to the securities. Could it be that the Obama administration is punishing S&P for downgrading America’s credit rating? Santelli also points out, “Warren Buffett and Berkshire Hathaway own a little less than 13 percent of Moody’s. Shouldn’t they all have been included?”

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