The U.S. Justice Department slapped Standard & Poor's Rating Services with a lawsuit claiming the agency sidestepped its own standards when rating mortgage bonds that collapsed during the financial crisis, resulting in billions of dollars in losses for investors.
U.S. Attorney General Eric Holder's civil charges, filed late Monday against S&P, are the first federal enforcement charges against a credit rating firm over the financial crisis.
Reports say the government is going after S&P to the...
personal financial crisis
The Frightening Financial Crisis Facing Young Americans
Young Americans are falling deeper and deeper into a financial crisis that will be nearly impossible to escape from in their lifetimes.
Unfortunately, the problems start at a very young age. Not only do a record number of school-age children live in poverty, but the number of homeless children in the public school system has reached an all-time high.
Even young adults who are able to attend college have trouble supporting themselves after graduation. Students take on mountains of debt to pay for school, but all too...
2012 Financial Crisis: Wall Street's Latest Scheme Uses Your Bank Account to Create the Next Crash
In 2008, reckless credit default swaps nearly obliterated the global economy. Now comes the next crisis - rehypothecated assets.
It's a complicated, fancy term in the global banking complex. Yet it's one you need to know.
And if you understand it, you will get the scope of the risks we currently face - and it's way bigger than just Greece.
So follow with me on this one. I guarantee that you'll be outraged and amazed - and better educated. You'll also be in a better position...
Fed Lets Banks Off the Hook… Again
We've told you before that the U.S. Federal Reserve puts Wall Street's interest above that of the American public. And yesterday (Wednesday) the central bank proved it... again.
Confronted with the opportunity to enact meaningful change to the regulatory system, the Fed punted on its responsibility to protect the public from the very banks that brought down the global economy.
This once again proves...
Our Financial "Regulators" Just Let Us Down Again
The Dodd-Frank Act became law 18 months ago, and it may be hard to believe, but we still aren't any better off now than we were then.
Indeed, the regulators that are supposed to be protecting us from a repeat of the 2008 financial crisis can't - or refuse - to get the job done.
In fact, just yesterday (Tuesday), the Commodity Futures Trading Commission (CFTC) voted to move the effective date for rules that would add oversight to the