S&P Says Federal $5B Fraud Lawsuit ‘Retaliation’ for U.S. Downgrade

By Jonathan Stempel | September 4, 2013

  • September 4, 2013 at 1:41 pm
    DESi says:
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    Why would AM Best, headquartered in Oldham, NJ, file the suit in Santa Ana CA?? Can someone explain that to me?

  • September 4, 2013 at 1:43 pm
    DESi says:
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    Sorry, correction…why would the Federal Government try it in Santa Ana CA?

    • September 4, 2013 at 4:13 pm
      Agent says:
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      Not to worry DESi, AM Best is not all that great at rating companies. Look at the rating they gave AIG after the $182 Billion bailout. They never left A for any of their companies. I had one quoted the other day and the broker said the company was A- and before we knew it, the company had been downgraded to B+ and the Umbrella carrier wouldn’t write over their paper. We had to hustle to find another market on that one.

      • September 5, 2013 at 11:20 am
        Libby says:
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        AIG’s property/casualty division was actually very profitable and healthy (because they never paid a claim.) It was the investment side of the house that brought it down.

        • September 5, 2013 at 5:49 pm
          Agent says:
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          Libby, It was still called the American International Group and in the same house as the P&C people. Why didn’t the healthy P&C companies bail out the Investment Group? The quick answer is that they weren’t that healthy. These people are all crooks and had been in trouble before with the Marsh Mc bid rigging scandal some years ago. Greenberg is still suing people and not getting anywhere.

          • September 6, 2013 at 12:15 pm
            Libby says:
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            I won’t argue the fact that AIG was filled with a bunch of crooks and that they are a terrible organization, but the property/casualty side of the company was financially sound. They did not have the resources to bail out the other side of the house. They got too big, too fast, and were out of control. You know you don’t need to argue with me just for arguments sake. I do know what I am talking about.

  • September 4, 2013 at 1:45 pm
    jay says:
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    It should be called the department of misjustice.

    Honestly, the department of justice is run just as if the mafia were the head of it. There’s a enemies list and a friends list. If you are on the friends list, you can steal $1B and it doesn’t matter (think David Corzine). If you’re on the enemies list, you are screwed.

    • September 4, 2013 at 2:18 pm
      Agent2 says:
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      You mean John Corzine.

      Maybe if Obama would stop saying the government doesn’t have a spending problem, S&P would not have been so concerned.

      Agree, the enemy list exists. I suppose if someone publishes a report titled “the fed is bankrupt but doesn’t know it yet”, they could be sued too!

      • September 4, 2013 at 2:32 pm
        Agent says:
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        Gee, why is the Federal Government so upset? Just because they run annual deficits of $1 Trillion+, $6 Trillion in the past 4 years, borrow $.40 of every dollar from China and others doesn’t mean they aren’t credit trustworthy, does it? S&P was just doing what they were supposed to do and downgrade the credit. It is a mystery to me it wasn’t done earlier after the great financial crisis of 2009.

    • September 4, 2013 at 3:18 pm
      PETE says:
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      It’s called `CHICAGO POLITICS’!!!

      • September 5, 2013 at 3:29 pm
        Or... says:
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        Politics…..period!

  • September 4, 2013 at 2:40 pm
    brad says:
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    I think S&P was being kind, probably should have been downgraded more. Our government is too big and out of control.

    • September 5, 2013 at 2:29 pm
      Ron says:
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      Brad,

      Upon what statistics, not rhetoric or talking points, do you base your assertion that, “our government is too big and out of control.”? I am not saying it is not, just curious to see how those statistics compare over time.

      Please cite your source(s). If you do not have any, then please stop making statements as if they are fact and preface your future comments with, “in my opinion”.

      • September 5, 2013 at 3:31 pm
        But, Ron says:
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        Maybe the government is “Too big to fail”!!!!

      • September 5, 2013 at 4:52 pm
        Agent2 says:
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        In my opinion, I was regulated in some way by government at least 50 times today. I am sure it was more but I just wasn’t aware of the specific instances.

        Is the fed too big? it walks just like a duck.

      • September 5, 2013 at 5:44 pm
        Agent says:
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        Ron, “In my opinion”, you should share with us how you think the government is not too big instead of criticizing Brad. A government spending a Trillion more than it takes in is definitely out of control and much too big for its britches. Tell us please where they are going to get the money to fund the Syrian adventure when we have Sequester going on that is also affecting the Military. Do you think his G-20 buddies are going to help him or does he borrow more from China to send all those Cruise Missiles in at $1.5 million per copy?

        • September 9, 2013 at 8:18 am
          Ron says:
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          Agent,

          I asked Brad, not you.

          But, as I expected, no statistics and no source.

          If you want to convince me that your side is right, then provide statistics with a source.

          BTW, I was not criticizing Brad, only looking for a different source of data besides government sites. Isn’t that what you want me to do?



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