There are other disturbing questions related to the timing and the target of this federal civil prosecution. S&P\’s attorney Floyd Abrams tells us that \”things seemed to rev up in terms of the intensity\” of the federal investigation after S&P\’s historic downgrade of United States credit following Washington\’s debt-limit fight in 2011.
Meanwhile, a McClatchy Newspapers report says that it was around that time that Moody\’s, which did not downgrade the government, was dropped from the federal investigation. Ask any investor and he\’ll likely tell you that Moody\’s was equally awful in forecasting the mortgage debacle.
No, no, of course not. No government would ever do such a thing, would they?