US, states plan civil charges against S&P over ratings -
http://economictimes.ind...rticleshow/18341227.cms Quote:Federal and state prosecutors intend to bring civil charges against Standard & Poor's for wrongdoing in its rating of mortgage bonds prior to the 2008 financial crisis, The Wall Street Journal said on Monday, citing people familiar with the matter.
Allegations against the McGraw-Hill Cos unit will center on the model used to rate the bonds and will be made in lawsuits to be filed as soon as this week, the newspaper said, citing the people.
A move by US officials would be the first federal enforcement action against a major credit rating agency over alleged illegal behavior tied to the financial crisis.
First Egan Jones was stopped from rating US sovereign debt and now S&P to be charged for GFC 5yrs later...

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!