S&P employees mocked company ahead of collapse

Standard & Poor’s employees mocked the company ahead of the 2008 global financial crisis, according to internal communications cited in the U.S. Justice Department’s complaints against S&P and its parent company, McGraw-Hill Cos. The employees joked about the company’s willingness to rate deals “structured by cows” and sang and danced to a song inspired by […]

By Wire services | February 5, 2013 | Last updated on February 5, 2013
1 min read

Standard & Poor’s employees mocked the company ahead of the 2008 global financial crisis, according to internal communications cited in the U.S. Justice Department’s complaints against S&P and its parent company, McGraw-Hill Cos.

The employees joked about the company’s willingness to rate deals “structured by cows” and sang and danced to a song inspired by “Burning Down the House,” reports Bloomberg.

Read more.

Also read:

SEC raps ratings agencies

Eurozone failed to reduce debt burden

WEF founder Schwab fears economic collapse

Wire services

IMF upgrades its forecast for China’s economy

Economic Indicators

IMF upgrades its forecast for China’s economy

Says economy likely to grow 5% this year, but consumer-friendly reforms are needed to sustain growth

By Elaine Kurtenbach |May 29, 2024

2 min read

More Canadians making only minimum payment on credit cards: TransUnion

Economic Indicators

More Canadians making only minimum payment on credit cards: TransUnion

Cost-of-living crisis and higher interest rates eat into household budgets

By Ritika Dubey, The Canadian Press |May 28, 2024

2 min read

Business optimism grows in Q2: StatsCan

Economic Indicators

Business optimism grows in Q2: StatsCan

Labour-related concerns increase, but sentiment improves regardless

By James Langton |May 27, 2024

2 min read