World View: Australian Court Issues Landmark Judgment Against S&P Ratings Agency

This morning's key headlines from

  • Australia's court issues landmark judgment against S&P Ratings Agency
  • Cyprus denies that its bailout money will go to Russian oligarchs

Australia's court issues landmark judgment against S&P Ratings Agency

Regular readers of World View know how much I whine about the fact that not a single person has gone to jail for the financial crisis, despite a huge abundance of evidence of fraud and criminal activity by banks, because the regulators adamantly refuse to investigate and prosecute the criminal activity, since everyone in Washington depends on huge political contributions from banksters. As a result, the same banksters are free to continue to commit new types of fraud with no fear of prosecution. 

The only partial exception to the above is the two fines imposed against Barclays Bank, for criminal activity related to manipulation of Libor and electricity prices. (See "3-Nov-12 World View -- New charges put Barclays at center of climate change financial scam"

Barclays is a British bank, and the fines were imposed by American prosecuters. In my opinion, this has become possible because British politicians, rather than American politicians, receive political contributions from banksters.

Today we have a new illustration of this principle. Nobody in America or Europe has brought the ratings agency (S&P, Moodys, Fitch) to court despite massive evidence that they gave AAA ratings that were not deserved. (See "Financial Crisis Inquiry hearings provide 'smoking gun' evidence of widespread criminal fraud" from 2010.) [...] continues...