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That the structural flaws associated with bond ratings agencies, namely conflicts of interest, can be no surprise to anyone not living under a rock is certain. Other financial shenanigans equally egregious over the last two decades were much more covert. Whether the charges against S&P are some sort of payback for its downgrade of the US Treasury, more than possible given the Obama political machine...to quote Hillary, what does it matter. S&P is now getting charged essentially with making the right call? What's more disturbing is the same institution, the US government, is brining these charges. In the mid 90's our government decided it was constitutionally written that every person has a right to own a house. Aided by staunch community activism and a compliant financial system, these insane loans were pumped out ad infinitum. Backed by the full faith and credit of Fannie and Freddie, who were at the time deemed financially stable, loans were made and repackaged. S&P was part of the debacle no doubt. A piece of junk when combined with other pieces of junk is still a piece of junk. Never have I seen a better looking landfill because it was bigger and more "diversified". But the root cause wasn't S&P, it was the US Government!

Duh, in July, 2008 US Senator Crissy Dodd stated that all way just fine in the US Regulated Housing Market.

Double Duh, what Federal Bank Regulators has been sacked so far for THEIR dereliction of duty?

Maybe what we need is a Class-Action suit against “Sub-Prime Barney and his pal Dodd?

BTW, will the US Housing Recession of September, 2008 become know as the Fannie Bubble?