An Australian judge has found S&P [MHP] liable for its opinion in assigning AAA ratings to two ABN Amro structured debt issues in 2006, which lost over 90% of value during the GFC — the first time a ratings agency has been held liable for such an opinion.
S&P was “misleading and deceptive” in its rating of two structured debt issues in 2006, Federal Court Justice Jayne Jagot said in her ruling released today in Sydney.
via McGraw-Hill Plummets After Australian Court Ruling – Bloomberg.
About time that these so called financial experts are ‘outed’ – now where is the compo for all the poor bloody investors who lost money following the experts advice and recommendations believing AAA was meant to be good. Also, when is anyone going to jail for misleading people?
If we can’t put them in jail do the next best thing: leave them penniless.