Hey Libertarians: Why Didn't Private Credit Rating Agencies Warn Us About 2008 Crash?

In this Majority Report clip, Matt's new Joe Rogan drop kills Michael. He is dead.

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"The credit rating agency Moody’s has agreed to pay nearly $864m to settle with US federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the department of justice said on Friday.

Moody’s reached the deal with the justice department, 21 states and the District of Columbia, resolving allegations that the firm contributed to the worst financial crisis since the Great Depression, the department said in a statement.

“Moody’s failed to adhere to its own credit-rating standards and fell short on its pledge of transparency in the run-up to the ‘great recession’,” principal deputy associate attorney general Bill Baer said in the statement.

S&P Global’s Standard & Poor’s entered into a similar accord in 2015 paying out $1.375bn. Standard and Poor’s is the world’s largest ratings firm, followed by Moody’s.

Moody’s said it would pay a $437.5m penalty to the justice department, and the remaining $426.3m would be split among the states and Washington DC."*

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