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S&P FIGHTS BACK: 'Govt Ramped Up Investigation After U.S. Downgrade'

Floyd Abrams with David Faber on Tuesday.

'After the downgrade the intensity of the investigation significantly increased.  And we don’t know why.'

More evidence that this was an act of prosecutorial revenge against S&P for its high-profile downgrade of the U.S. AAA credit rating in 2011.


And what about Moody's, which happens to be a major holding of Warren Buffett.

A person familiar with the investigation told McClatchy that Moody's was originally part of the government's investigation, but interest in the agency waned at around the same time S&P downgraded the U.S.

S&P is the only one of the three major credit rating agencies currently facing a lawsuit.



Full interview:

'Everyone was doing it...'

Abrams also told CNBC that he does NOT plan to use a First Amendment defense in the case.  Experts had expected S&P to use the same argument ratings agencies have been using for years to defend wrong ratings -- they’re a matter of opinion and therefore protected as free speech.


Standard and Poor's has hired John Keker, one of the country's top white-collar defense attorneys, to help fight a $5 billion lawsuit brought by the U.S. government.

Keker, who is based in San Francisco and has represented everyone from cyclist Lance Armstrong to Enron's Andrew Fastow, was hired at the recommendation of Floyd Abrams, a prominent New York attorney who also represents the ratings firm.


More on S&P and Moody's:

Faber discusses Moody's.

Here are juiciest parts of the 119 page lawsuit (from the emails)...



Highlights from Holder's presser:

WATCH: Holder Slams S&P For $5 Billion Fraud


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Reader Comments (12)

NYT on Abrams, the most famous 1st amendment lawyer in the country

Feb 7, 2013 at 4:40 PM | Registered CommenterDailyBail

Floyd may be as well known in the media sphere as Dan Abrams' (OJ Simpson trial whore for CourtTV and NBC) dad. Dan was a Duke classmate of mine and a world-class putz. Floyd is, how do I say this, arrogant NYC. And please, let's remember, he is an advocate. Take a look back at some of the positions taken for CBS and 60 minutes...some wins, some losses...

Floyd is trying to change the game to speech from fraud. Good luck...
Feb 7, 2013 at 6:44 PM | Unregistered CommenterJosie
They can have whatever godamned opinion they want as long as it is paid for. Whores.
Feb 7, 2013 at 9:27 PM | Unregistered CommenterSKINFLINT
If you consider the presence of many agents loyal to the foreign based hostile entity trying to economically destroy the U.S.and Japan, it is simple to understand. The dog with the bone is ALWAYS in danger.
Feb 8, 2013 at 3:56 AM | Unregistered CommenterHoward T. Lewis III
US Justice Department, States Weigh Action Against Moody's

Feb 8, 2013 at 12:44 PM | Registered CommenterDailyBail
Moody's Shares Fall as Lawsuit Fears Overshadow Earnings

Feb 8, 2013 at 12:55 PM | Registered CommenterDailyBail

Though I think what Abrams is saying is true, about targeting S&P because of the downgrade, I'm not saying S&P isn't guilty. The system is completely screwed up (with customers paying for and influencing ratings) and S&P is the biggest player. I hope they lose big, but something tells me this will still get settled before they go to court.
Feb 8, 2013 at 1:01 PM | Registered CommenterDailyBail
Can you say wrist slap.
Feb 8, 2013 at 1:40 PM | Unregistered CommenterSKINFLINT

The Wall Street wrist-slappers at DOJ are getting a workout, while the prison keepers are busy filling our jails with non-violent drug offenders.

Again, if there is fraud, why no criminal charges of fraud against any executives. It's a familiar refrain. This is getting ridiculous.
Feb 8, 2013 at 2:02 PM | Registered CommenterDailyBail
I agree. At what point do the scales tip? Don't know if I linked up the woman who authored a book about the blacks in the prison system. I think one thing that stuck in my feeble mind is there are more blacks in prison now then there were slaves back in the height of slavery. That is just mind boggling to say the least.
Feb 8, 2013 at 2:50 PM | Unregistered CommenterSKINFLINT
The other question that needs asking is just where is that money going?
Feb 8, 2013 at 2:51 PM | Unregistered CommenterSKINFLINT
I was going to post this on the first site but this one is perfect!

A curious mind wants to know how much a cabinet spot is going for in 2013?

Well, today we know. Penny Pritzker, (articles below) raised 745 million for "The Prez" this election,

and is now being considered for Secretary of Commerce!

Wait, is that the department where they create jobs?

This could be a good thing. This woman is smart, rich, knows how to get things done (legally, mostly)

and in her spare time, raised money for The Obama's new home in Hawaii.

She could actually create jobs.

This is Irony at it's best:

Hyatt’s Anti-Union Pritzker fundraising to purchase Obama’s $ ...


Hyatt’s Anti-Union Pritzker fundraising to purchase Obama’s $35 million home in Hawaii. September 3rd 2012

Penny Pritzker For Commerce Secretary? Rumors Give Unions Heartburn
The Huffington Post·5 hours ago
WASHINGTON -- In recent days, multiple news outlets -- from the Washington Post to the Chicago Sun-Times to Bloomberg-- have reported that Chicago…

Penny Pritzker: Executive Profile & Biography - Businessweek


Ms. Penny Pritzker, J. D is a Co-Founder of Artemis Real Estate Partners. Ms. Pritzker is the Founder and serves as the Chief Executive Officer of Pritzker Realty ...

In her spare time, I might add.

Penny Pritzker organizing the funding to purchase Obama's new …


Rumors: Obamas To Have Financiers Pay For Their Next $35 …


... Pictures of the Obama's next home in Hawaii. Follow @ ... Pritzker is a billionaire who in recent years resolved a long-standing family feud over ...

Obama never expected to lose, the fix was in long ago.

Secret retirement plans: Does Obama expect to lose?


Very quietly, Obama’s chief financier, Penny Pritzker,

Rumors: Obamas To Have Financiers Pay For Their Next $35 …


... Pictures of the Obama's next home in Hawaii. Follow @ ... Pritzker is a billionaire who in recent years resolved a long-standing family feud over ...

Shit......they took the labor away from the Department of Commerce. We are just screwed!

Local News | Meltdown 101: What does a commerce secretary do ...

Feb 8, 2013 at 9:24 PM | Unregistered CommenterBackgammon

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