U.S. Loses Triple-A Rating

S&P Breaks Ranks So, after the U.S. stock market was safely closed yesterday at the end of a tumultuous week, Standard & Poor’s did the deed:  it cut its rating of long-term U.S. debt from Triple-A to Double-A. Its competitors, Moody’s and Fitch, are likely to follow in short order, much like gas stations or...
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CALPERS vs. Floyd Abrams

Unadulterated Securities? No, Chutzpah Although the ink on CALPERS’ lawsuit against the credit rating agencies is barely dry, already the legal strategies being marshaled by both sides are coming into focus. In fact, S&P has already telegraphed its strategy by hiring Floyd Abrams, the subject of an interview in today’s New York Times. Abrams, the...
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