The officials in high finance and government act like gangsters using threats to get what the want.
The Alerts have been globally sounded as the global cartel implement Biometrics, mass surveillance, police states, new restrictions on liberty, and prepare to declare wars/martial law/state of emergency to get what they want. ~Ron
Credit Ratings and Broken Knees: Did Geithner Threaten S&P’s Chairman?
The Justice Department’s $5 billion fraud case against Standard & Poor’s is starting to sound like a Godfather movie.
—the Godfather scenario—is that the Justice Department suit is a venal form of revenge for the rating agency’s decision in 2011 to downgrade U.S. debt.
Read More: businessweek.com
By Pam Martens: January 22, 2014
New Jersey Governor Chris Christie; Former U.S. Treasury Secretary Timothy Geithner
Just when it seemed that the ethical reputation of the U.S. government, now universally known as Bugs R Us by its closest allies, enemies and citizens alike, was at its nadir, along comes a court affidavit by Harold W. McGraw III, chairman of McGraw Hill Financial, parent of Standard and Poor’s rating agency.
The affidavit by McGraw, filed in a Federal District Court in California, seeks to bolster S&P’s position that the government is only suing it in retaliation for its downgrade of U.S. debt rather than meritorious claims that it fudged its credit ratings. The affidavit claims that former U.S. Treasury Secretary Timothy Geithner called McGraw in August 2011 and threatened to retaliate against S&P for downgrading the debt of the United States.
According to McGraw, Geithner was angry and accused S&P of making an error in calculating the basis for the downgrade, stating on the call “You have done an enormous disservice to yourselves and to your country.” Geithner warned further: “Such behavior would not occur, he said, without a response from the government,” according to the affidavit.
Interestingly enough, although Moody’s rating service was also handing out AAA-ratings to subprime-laden debt bombs in return for huge payments from Wall Street during the lead-up to the credit collapse, the government has only sued S&P among the rating agencies.
Read More: wallstreetparade
Former U.S. Treasury Secretary Timothy Geithner told McGraw Hill Financial Inc. (MHFI) Chairman Harold W. McGraw III in 2011 that Standard & Poor’s downgrade of the U.S. debt would be met by a response, S&P said.
S&P filed a declaration by McGraw yesterday in federal court in Santa Ana, California, as part of a request to force the U.S. to hand over potential evidence the company says will support its claim that the government filed a fraud lawsuit against it last year in retaliation for its downgrade of the U.S. debt two years earlier.
In his court statement, McGraw said Geithner called him on Aug. 8, 2011, after S&P was the only credit ratings company to downgrade the U.S. debt. Geithner, McGraw said, told him that S&P would be held accountable for the downgrade
[Request] U.S. District Judge David Carter for an order that the Justice Department hand over the documents it seeks for its “retaliation defense,” S&P said the government was initially investigating all three major credit rating companies, including Moody’s Corp. (MCO), and focused on S&P exclusively after the McGraw Hill unit downgraded U.S. debt.
The case is U.S. v. McGraw-Hill Cos., 13-cv-00779, U.S. District Court, Central District of California (Santa Ana).
Read More: bloomberglaw