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And as far as looking at the evidence, really it went higher at moody's than it went at s&p. at s&p, you have people pretty close to the top. and then at the top, the ceo saying, warning the board at one point that they may be risking the quality of their ratings by chasing profits. >> so as a legal case it sounds as though it may be not as strong against s&p, which did get sued but they down graded. what happened this week that brought our attention to it, because the lawsuit was filed in september of 2013 is this guy harold mcgraw iii, a powerful guy, files a declaration in a lawsuit. this i...

And as far as looking at the evidence, really it went higher at moody's than it went at s&p. at s&p, you have people pretty close to the top. and then at the top, the ceo saying, warning the board at one point that they may be risking the quality of their ratings by chasing profits. >> so as a legal case it sounds as though it may be not as strong against s&p, which did get sued but they down graded. what happened this week that brought our attention to it, because the lawsuit was filed in september of 2013 is this guy harold mcgraw iii, a powerful guy, files a declaration in a lawsuit. this i...

Here's what the complaint asserts, that the considerations regarding fees, market share, profits, relationships with issuers, improperly influenced s&p's rating criteria and models. what they're saying is there's two sides to the business at s&p. they give ratings on things like mortgage backed securities, the instruments that caused the financial crisis when homeowners couldn't pay their bills. they're saying the church and state, if you will, that's supposed to be in place at s&p was not in place and that fees are being collected based on these good ratings. they say that's illegal behavior....

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Always will be a aaa country. >>shepard: but the downgrade has left the markets in turmoil and in the long term, we could see higher government borrowing costs long term, possibly adding billions to the national debt. average americans could have to pay higher interest rates on everything from credit card to mortgages and student loans. as the costs rise, economic activity will slow according to the experts and that could lead to a drop in tax revenue and fewer jobs and, obviously, the risk of a down dip recession. gerri is joining us with. a lot of criticism aimed at s&p when someone does som...