Thursday, August 18, 2011

Another boondoggle

Yet another obvious waste of the taxpayers' money.  The New York Times reports that the Justice Department is investigating whether Standard & Poor's improperly rated dozens of mortgage-backed securities in the run-up to the financial crisis.

Well, of course they did.  Isn't it obvious?  Indeed, it's been clear for years that S&P and the other big rating firms, Moody's and Fitch, were either totally incompetent, willfully blind in the service of the bottom line or corrupt in certifying as AAA investments that were junk.

So why do we need an investigation?

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