It seemed like S&P was never going to be held accountable for their actions. But after a months-long investigation, the SEC has declared that they may soon take action against S&P for their misleading mortgage ratings in the run-up to the 2008 financial crisis.
Reports indicate the SEC just issued a Wells Note indicating they were weighing ‘civil action’ against S&P — but that could amount to a pittance of a fine compared to the enormous profits reaped by S&P’s misdeeds.
Hundreds of protesters have taken to lower Manhattan as part of Occupy Wall Street to protest the financial sector’s abuse of the middle and lower classes. Pushing the SEC to revoke S&P’s credit rating authority would be a major step forward in the fight to rein in Wall Street greed.
Over 21,000 other activists signed our petition telling the SEC to do just that. Now we need you to call the SEC and tell them directly: S&P’s government seal of approval must be revoked.
FDL has been out in front covering the S&P downgrade scandal, which has been little more than a shakedown forcing their austerity prescriptions. We need to insure the SEC knows that people are watching, and that justice won’t be done if they do no more than give S&P a simple slap on the wrist. For their role in the mortgage crisis alone, they deserve to have their government seal of approval revoked for their reckless use of their ratings authority.
S&P is a key player in the worldwide austerity push that is forcing public assets on to the auction block at fire sale prices. They downgraded the U.S. debt in August and recently warned of a ‘1-in-3 chance’ of another downgrade sometime in the next 6-24 months, unless the government slashes the social safety net to pieces. (Wars? S&P never heard of ’em.) They are forcing states and municipalities into financial crises that play straight into Wall Street’s plans for privatizing and profiteering. If they are not stopped now, the impact they have on our economic future will be devastating.
A decision could be handed down any day. Call the SEC now and tell them to revoke S&P’s government seal of approval for their reckless use of their ratings authority