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February 6, 2013

Feds say S&P's ‘egregious' conduct was at the heart of 2008 financial crisis

  • S&P analysts tried to keep banks — its clients — happy, even if it meant approving inflated ratings on mortgage investments, the government said.
    AP Business Writers

    WASHINGTON — The U.S. government says Standard & Poor's knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis.

    The credit rating agency gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments, the Justice Department alleges in charges filed in federal court in Los Angeles.

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