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View Diary: DOJ sues S&P for Fraud (13 comments)

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  •  The basic business model was a joke (5+ / 0-)

    The brokers took a bunch of junk mortgages and bundled them together and this somehow turned them into AAA securities. It made no sense and many in the industry were betting against them. I think a college finance student would have figured out this was crap. How do the ratings agencies claim they didn't know?

    I guess we have here a "too big to be wrong" corporation. If this had been a little mom and pop deal, mom and pop would be in jail by now.

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