California Attorney General Kamela Harris seeks billions from S&P

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California Attorney General Kamala Harris

California Atty. General Kamela Harris filed suit against S&P today on behalf of the state’s two public pension funds. Harris accuses the credit agency of deception and she’s seeking billions of dollars in compensation for what she calls “intentional corruption” of California’s credit markets. She says S&P purported to be an independent agency but was really acting to benefit large financial institutions selling mortgage-backed securities.  The flawed ratings cost CalPERS and CalSTRS at least a billion dollars, says Harris, and helped trigger the state’s mortgage meltdown and financial crisis. The federal government filed a similar lawsuit against S&P yesterday. The company, a division of publisher McGraw-Hill, has denied any wrongdoing.

KCRW spoke with Harris about the lawsuit:[soundcloud id=’77983918′]

Comments

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  • When I initially commented I clicked the “Notify me when new comments are added”
    checkbox and now each time a comment is added I get three e-mails with the same comment.
    Is there any way you can remove people from that service?

    Thank you!

  • Green coffee is a result of brewing unroasted coffee beans or what exactly is also referred to as coffee fruit. We all know, the bitterness within the coffee that individuals enjoy today may be the product of brewing dark espresso beans. Prior to they become similar to this they have to be roasted properly. In 1100AD, the process of roasting was not yet practiced so people brewed green coffee bean to produce a tea-like beverage. This product of brewing green coffees remains to be helpful to develop varieties of Arabic coffee today.