This suit has the potential to destroy S & P, because the government wants to have them admit guilt, not just cough up a big fine. They would then be exposed to civil suits from people who relied upon their advice.
Too bad. Capitalism should get back to punishing bad behavior, and the ratings agencies simply did not do their job. Piggs and others of our ilk were screaming for them to see the obvious bubble that was forming at the time. They reacted way too little and way too late, and thus contributed to the excess.
I wonder why it took so many years for this administration to act.
