The Ratings Agencies Moodys and S+P: Investigations 3 Years Late

Reuters has a story on investigation of S&P and Moody’s by  Justice department for their role in the Mortgage meltdown of 2007-2008.  Clearly the question is why is this probe starting up 3 years or more after the fact. Here are 5 possibilities:
1)It takes a long time to do Financial fraud prosecutions. Also GOP has held up appointments and budgets of Justice Dept;
2)It is very hard to get convictions in some financial fraud cases;
3)The evidence is just coming out and makes successful prosecution more attainable;
4) S&P has pissed off the Obama administration;
5)Ooops – cancel the above – we are assured the prosecution efforts started before the USA debt downgrade.

So their you have the story of Financial Justice in Washington. I cant wait until ABC or CBS has a prime time program,  In The Financial Temples starring  Stephen Colbert and Courtney Cox as Justice Department financial  vigilantes… coming to your screens this Fall.

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