Topic: Welcome to La República Bananera de Obama

[oldcoastie6468]

Obama Treasury Secretary Warned Financial Firm of “Govenment Response” to Credit Rating Downgrade

Welcome to La República Bananera de Obama. Don’t buy the bonds, don’t drink the water and don’t believe anything the television says.

Former U.S. Treasury Secretary Timothy Geithner angrily warned the chairman of Standard & Poor’s parent that the rating agency would be held accountable for its 2011 decision to strip the United States of its coveted “triple-A” rating, a new court filing shows.

Harold McGraw, the chairman of McGraw-Hill Financial Inc , made the statement in a declaration filed by S&P on Monday, as it defends against the government’s $5 billion fraud lawsuit over its rating practices prior to the 2008 financial crisis.

McGraw said he returned a call from Geithner on Aug. 8, 2011, three days after S&P cut the U.S. credit rating to “AA-plus,” and that Geithner told him “you are accountable” for an alleged “huge error” in S&P’s work.

“He said that ‘you have done an enormous disservice to yourselves and to your country,’” and that S&P’s conduct would be “looked at very carefully,” McGraw said. “Such behavior could not occur, he said, without a response from the government.”

Meanwhile, a few days after Geithner’s phone call, news broke about the SEC launching a preliminary investigation of S&P for insider trading related to the downgrade assessment.

http://www.frontpagemag.com/2014/dgreenfield/obama-treasury-secretary-warned-financial-firm-of-govenment-response-to-credit-rating-downgrade/?utm_source=rss&utm_medium=rss&utm_campaign=obama-treasury-secretary-warned-financial-firm-of-govenment-response-to-credit-rating-downgrade

[richb]

All too typical Obama regime response..

If anything they should have downgraded even more.   

The rule of law sure is taking a beating under King Barry.

[AlanS]

If anything they should have downgraded even more. 

I see junk in their future.

[Libertas]

If anything they should have downgraded even more. 

I see junk in their future.

They'll employ any means necessary to avoid an honest appraisal...it is why when the fit hits the shan the pain will be that much more severe, because in some peoples minds (fools, idiots, dupes, losers...aka libiots) they will be increadulous how we could go from most prosperous nation on earth to destitute overnight.  It'll be like watching ants die trying to cross a scalding frying pan...