About Damn Time

USA Today:

Credit rating giant Standard & Poor’s Ratings Services expects to be the first major credit rating firm hit with civil fraud charges by the government over its rating of mortgage-backed bonds that keyed the national financial meltdown, the company said Monday.

Moody’s and Fitch may want to consider external counsel, as well.

Recall that the bond ratings given CDO products during the heyday of no-document mortgages were all the assurance investment banks needed to buy, buy, buy. Taxpayers got the bill.