Here's a new one on me:
It turns out that Standard & Poor's, the big credit rating which has been threatening to downgrade America's credit from its current AAA level, is doing something quite unethical. Its ratings actions were actually one of the major causes of the 2008 mortgage crisis, but when Congress tried to call it on this, announcing investigations, S&P responded by demanding that the U.S. government cut social programs or it would downgrade our credit rating.
From the firedoglake website:
S&P is clear that the rating scare is not about the debt ceiling. No, it demands cuts, deep cuts in the great social programs at the heart of a decent society.
First, Standard & Poors threatened to downgrade the US credit rating if cuts were not made to Social Securty and Medicare to reduce the deficit.
Then, two days after a bipartisan Senate committee found S&P's misleading mortgage ratings to be a 'key cause' of the 2008 financial crisis, the agency issued another downgrade threat.
A few months later, after the SEC announced they would investigate agencies like S&P for fraud, S&P issued yet ANOTHER downgrade threat, this time with the arbitrary ransom of $4 trillion in deficit reduction which would likely include deep cuts to Social Security and Medicare benefits.
Is S&P blackmailing the White House into absolving them of any responsibility for the 2008 crash by threatening downgrades every time there's an attempt to hold their feet to the fire? If that's the case, big benefit cuts are on their way.
"Revoke Standard & Poor's NRSRO designation as a credit ratings agency for their attempts to influence the political debate over deficit reduction and to use their ratings as a weapon to avoid accountability for their role in the 2008 financial crisis."