The $1.37 Billion Penalty That No One Is Responsible For Causing

In General Interest by Jonathan Tasini0 Comments

Just to close the loop on a farce I’ve written about a couple of times recently (here and here), please try not to be too impressed by the optics of the publicly announced $1.37 billion fine agreed to by Standard & Poor’s to settle charges of inflating mortgage ratings. It’s rubbish. And it means the day is coming soon when the new financial industry scandal/scam will unfold and screw millions of hard-working people.

S&P $1.3 Billion Stay-Out-Of-Jail, Slap-On-The-Wrist Fine Sets New Bar For Absurdity

In General Interest by Jonathan Tasini1 Comment

It seems like…just a week ago that I wrote about a proposed slap-on-the-wristfor Standard & Poor’s. Ah, and it’s the gift that keeps on giving. But, this one may give a new twist to the absurd world in which these guys in the executive suites of Wall Street and the financial world commit crimes, never pay for those crimes, keep their jobs, continue to get huge pay and benefits, sock the shareholders/customers with the cost of paying miniscule fines…and never admit to the crimes.

S&P Gets Slap-On-The-Wrist $80 Million Fine: Same Old Story About The Wall Street Robbery

In General Interest by Jonathan Tasini1 Comment

Ah, the seasons turn from summer to winter to spring…predictable. And just like the seasons we can count on one almost predictable fact: no one of consequences will go to jail for the robbery of the economy, the obliteration of millions of jobs and trillions of dollars of wealth. Nope, slap on the wrist. Every. Time. And, ladies and gents, the next example: S&P.

S&P: Inequality Hurts State Taxes. Yet Another “Duh”

In General Interest by Jonathan Tasini0 Comments

When do we get to the point when the obvious–DUH–doesn’t come as some surprise or revelation to the elites? Probably never when it comes to inequality because they can’t see because they don’t live it. Last week, I wrote about a “Duh”–the G20 being told that higher wages will lift the global economy. Today, it’s the dopes over at Standard & Poor’s who wake up from a slumber–or self-imposed denial.

S&P Will Be Charged, But Nothing Will Change

In General Interest by Jonathan Tasini0 Comments

A long time ago, I wrote about the bankruptcy of the ratings agencies, pointing out that S&P and Moody’s were a cog in a corrupt machine. The only startling fact in the saga about the ratings agencies is that anyone paid any attention to them anymore — the world of the chattering classes would shake every time one of these clowns issued some pronouncement about the economy, even as evidence mounted about their role. So, now, it appears at least S&P will face some judgement — though it is to be seen how harsh.