Not that it really matters much but the Department of Justice is investigating why Standard and Poors didn't downgrade the mortgage securities business back when all the banks and Fannie Mae started failing. Some think it's pay back.
I sat and pondered over this. Did the Department of Justice check out the SEC when they failed to note the mortgage securities business was coming up? Nope. Did the Department of Justice start a program to review every single failed bank as they occur? Nope. Shouldn't California be downgraded on it's bonds?
The plain truth is....after a while of thinking....that the Department of Justice is a menu organization. They pick and choose the issues they want to exploit. Standard and Poor might be a stupidly run organization that really failed to note businesses in the first place....but the Department of Justice is kid's organization that pretends to act mature and in the name of the United States.
So there's a team of lawyers now tailing Standard and Poor's accountants and economic experts. You can imagine them asking them financial answers....which the Department of Justice lawyers have no background or capability....getting answers that mostly just banker code-words for failure. The Department of Justice lawyers will walk back into their office, and after a while....ask if they can hire a bunch of experts on economics. The White House will say sure....and a bunch of former Goldman Sachs or Standard and Poor's employees will be hired to explain economics to the fancy lawyers of the Department of Justice.
Then you can imagine this ending....the Department of Justice lawyers finally understand everything, and start shaking their heads.....they would have done the same thing, under the circumstances. I'm guessing that the attorney general will be very unhappy with this ending. But it's our version of 'justice' in America.