New York State Attorney General Andrew Cuomo’s office has issued subpoenas to S&P, Moody’s and Fitch — specifically asking “how much each knew about flaws in the mortgage products that they rated triple-A.”
In other words, the NYSAG wants someone to either go to jail, or write a big check.
Give the multiple ongoing investigations into mortgage and securities fraud a few more months and criminal indictments will probably be forthcoming. As the economy slows and more people lose their homes, the public (and presidential candidates) will be wanting to see the Evildoers punished. And there is no shortage of them to choose from either.