Rating Agency Data Aided Wall Street in Deals

“Rating Agency Data Aided Wall Street in Deals -http://nyti.ms/aDQQXX Moodys S&P Wall Street,Congress,Oops ShareHolders?? Nobody goes to JAIL”

"One answer is that Wall Street was given access to the formulas behind those magic ratings — and hired away some of the very people who had devised them.

In essence, banks started with the answers and worked backward, reverse-engineering top-flight ratings for investments that were, in some cases, riskier than ratings suggested, according to former agency employees."

They were all doing ok things under the rules except Goldman sold "bad" securities as good ones with full knowledge. The fraud was moving the securitied from assembly to sales without telling sales the securities purpose. All other actions were lawful under the regulations as they stand.